Emerson, St. Louis, signed an agreement to purchase the Valves & Controls business of Pentair (NYSE: PNR) for $3.15 billion. The complementary acquisition establishes Emerson's global presence in control, isolation, pressure relief valves and actuation as part of a larger strategy to build a broader automation portfolio.
“This acquisition delivers on our strategic plan of investing in Automation Solutions and in markets where we have a global leadership position and see significant long-term growth opportunities,” said Emerson chairman and CEO David Farr in a release. “By adding Pentair’s Valves & Controls leading technologies and services to our already broad portfolio, we have positioned our businesses to grow while continuing to provide our customers around the world with more complete solutions to their toughest challenges.”
This transaction follows Emerson’s recently announced divestitures of Network Power, Leroy-Somer and Control Techniques for a total of $5.2 billion as part of the company’s overall strategic portfolio repositioning that was initiated in June 2015.
The Pentair Valves & Controls business is based in Schaffhausen, Switzerland, with 7,500 employees around the world. The business has a large global installed base in chemical, petrochemical, oil and gas, power, mining and other process industries.