Emerson Electric Explained

Emerson Electric should not be confused with Emerson Radio.

Emerson Electric Co.
Type:Public
Founder:John W. Emerson
Predecessor:Emerson Electric Manufacturing Co.
Hq Location:Ferguson, Missouri, U.S.
Revenue: (2023)
Operating Income: US$2.161 billion (2023)
Net Income: US$13.22 billion (2023)
Assets: US$42.75 billion (2023)
Equity: US$20.69 billion (2023)
Num Employees: (2023)
Industry:Electrical equipment
Divisions:List of business platforms
Footnotes:[1]

Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri.[2] [3] [4] The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets.[5] [6] [7] Emerson has approximately 86,700 employees and 170 manufacturing locations.[8]

History

Emerson was established in 1890 in St. Louis, Missouri, as Emerson Electric Manufacturing Co. by Civil War Union veteran John Wesley Emerson to manufacture electric motors using a patent owned by the Scottish-born brothers Charles and Alexander Meston. In 1892, it became the first to sell electric fans in the United States. It quickly expanded its product line to include electric sewing machines, electric dental drills, and power tools.

During World War II, under the leadership of Stuart Symington,[9] Emerson became the world's largest manufacturer of airplane armament. Emerson ranked 52nd among United States corporations in the value of World War II military production contracts.[10]

In 1954, W.R. "Buck" Persons was named company president. Under his leadership, Emerson diversified its business by acquiring 36 companies. When he retired in 1973, the company had 82 plants, 31,000 employees, and $800 million in sales.

In 1962, it acquired the United States Electrical Manufacturing Company as the U.S. Electrical Motors Division, including the brand U.S. Motors.[11] In 1968, it acquired the InSinkErator company.[12]

Charles F. Knight served as CEO from 1973 to 2000, and was chairman from 1974 to 2004. His tenure marked the development of a rigorous planning process, new product and technology development, acquisitions and joint ventures, and international growth. David Farr succeeded him as chairman, and was also the CEO until 2021.

On December 15, 1999, Emerson Electric agreed to acquire Jordan Industries Inc.'s telecommunications equipment business for $440 million.[13]

In 2010, the U.S. Motors brand was sold to Nidec Motor Corporation.[11]

On July 26, 2011, Emerson announced it would locate its Latin America headquarters in Sunrise, Florida.[14]

On December 1, 2016, Platinum Equity acquired the Emerson Network Power business for over $4 billion and rebranded it Vertiv. The acquisition included the brands ASCO, Chloride, Liebert, NetSure, and Trellis.[15]

In July 2018, Emerson completed the purchase of Textron Tools and Test Businesses for $810 million (Including Greenlee, Klauke, HD Electric, and Sherman + Reilly).[16]

On April 1, 2020, Emerson acquired American Governor Company to boost its presence in the hydropower control systems market.[17]

In October 2022, Emerson agreed to sell a 55 percent majority stake in its climate technologies business to private equity firm Blackstone Inc. in a $14billion deal, including debt.[18] [19]

Following a nearly year-long negotiation, in April 2023, Emerson agreed to acquire National Instruments in an all-cash deal worth $8.2billion to further its automation business.[20] [21]

Products

Emerson Electric produces the AN/APQ series of avionics

Corporate

The company's leaders since the mid-20th century have been, respectively, W. R. Persons (19541973; President), Charles Knight (19732000, CEO), and David Farr (20002021, CEO).[22] The company's chair of the board have been Charles Knight (19742004), and David Farr (20042021). Jim Turley is the current Chair of the Board.

Emerson is structured into two business units: automation; and commercial and residential.[23] [24]

Environmental records

In 2008 (using data from 2005), researchers at the University of Massachusetts Amherst identified Emerson as the 97th largest corporate producer of air pollution in the United States, down from its previous rank of 56th. Major pollutants indicated by the study include nickel compounds, manganese, diisocyanate, and lead.[25]

Corporate relationships

Emerson's brands acquisitions

On December 22, 2014, Emerson announced the acquisition of Scotland-based Cascade Technologies Ltd., expanding their gas-analysis portfolio with laser-based measurement analyzers and systems for enhanced industrial emissions monitoring, production efficiencies, and regulatory compliance.[26] Other main Emerson acquisitions and brands include:

NBC Heroes lawsuit

On October 2, 2006, Emerson filed suit in federal court against NBC regarding a scene that appeared in the pilot episode of the network's TV series Heroes. The scene depicted Claire Bennet reaching into an active garbage disposal, severely injuring her hand. Emerson's suit claims the scene "casts the disposer in an unsavory light, irreparably tarnishing the product" by suggesting that serious injuries will result "in the event consumers were to accidentally insert their hand into one."

Emerson asked for a ruling barring future broadcasts of the pilot and to block NBC from using any Emerson trademarks in the future.

On February 23, 2007, the case was dropped. NBC Universal and Emerson Electric settled the lawsuit outside of court.[35]

Notes and References

  1. Web site: US SEC: 2023 Form 10-K Emerson Electric Co. . . November 13, 2023 . November 14, 2023.
  2. http://www.emerson.com/en-US/Pages/Contact_Corporate.aspx "Contact Us"
  3. Edwards, Greg. "$60 million in data centers coming online at Emerson". St. Louis Business Journal. August 29, 2008. Retrieved August 18, 2009.
  4. http://factfinder.census.gov/servlet/MapItDrawServlet?geo_id=16000US2923986&_bucket_id=50&tree_id=420&context=saff&_lang=en&_sse=on "Ferguson city, Missouri"
  5. http://www.emerson.com/en-US/about/overview/executive-leadership/corporate/Pages/david-farr.aspx "David Farr"
  6. Web site: Edward L. Monser. Emerson. May 5, 2017. https://web.archive.org/web/20180805145606/http://www.emerson.com/en-us/about-us/leadership/edward-monser. August 5, 2018. dead.
  7. Web site: Subsidiaries and affiliates of Emmerson Electric Company . . September 30, 2018 . November 25, 2020 .
  8. Web site: US SEC: 2021 Form 10-K Emerson Electric Co. . . November 15, 2021 . February 14, 2022.
  9. News: Emerson Net Income, Sales Set New Peaks: Reflect Demand for Plane Turrets. January 15, 1945. Chicago Daily Tribune. 13. Chicago, Illinois. Final. CIV. 20. Newspapers.com.
  10. [Whiz Kids (Department of Defense)|Peck, Merton J.]
  11. Web site: HISTORY - U.S. Motors. Nidec Motor Corporation.
  12. Web site: INSINKERATOR® ACQUIRED BY WHIRLPOOL CORPORATION InSinkErator GB . 2023-03-20 . insinkerator.emerson.com . en-gb.
  13. Web site: Emerson Electric Moves to Expand in Telecom Gear . https://archive.today/20130910075558/http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=EMR%60 . dead . September 10, 2013 .
  14. http://articles.sun-sentinel.com/2011-07-26/business/sfl-emersons-latin-american-hiring_1_new-jobs-greater-fort-lauderdale-alliance-headquarters "Emerson jobs: 21 to start, 75 by 2015"
  15. Web site: December 1, 2016. Emerson Network Power Rebrands as Vertiv, Appoints New CEO. August 28, 2020. www.businesswire.com. en.
  16. Web site: Textron Completes Sale of Tools & Test Businesses to Emerson. finance.yahoo.com. en-US. December 21, 2018.
  17. Web site: Emerson Acquires American Governor | Emerson US.
  18. Web site: Blackstone, Emerson Electric Strike $14 Billion Buyout Deal . October 31, 2022 . Cooper . Laura . Gottfried . Miriam . The Wall Street Journal.
  19. Web site: Emerson selling climate technologies in $14B deal . October 31, 2022 . Associated Press.
  20. News: Gomes . Nathan . April 12, 2023 . Emerson Electric to buy NI for $8.2 bln to deepen automation push . Reuters.
  21. News: Merrilees . Annika . April 12, 2023 . Emerson succeeds in hostile bid, reaches $8.2 billion deal to buy National Instruments . St. Louis Post-Dispatch.
  22. Web site: Emerson's David Farr, candid and outspoken, to retire. 'He tended to get out in front'. www.stltoday.com. February 2, 2021 . en-US. March 10, 2021.
  23. Web site: About Emerson | Emerson US.
  24. Web site: Surestore Storage . Saturday, April 24, 2021
  25. http://www.peri.umass.edu/toxic100_index/ PERI: Home
  26. Web site: Automation Solutions | Emerson US.
  27. Web site: StackPath. January 2003 .
  28. Web site: Emerson Expands Automation Leadership With Agreement to Acquire Flexim. August 16, 2023. September 21, 2023.
  29. Emerson Expands Commitment to Advanced Software Solutions with Agreement to Purchase Open Systems International, Inc. August 27, 2020. October 2, 2020.
  30. Web site: Emerson Completes Acquisition of ProSys, Inc. | Emerson . September 11, 2018 . https://web.archive.org/web/20180911081638/https://www.prosys.com/resources/emerson-completes-acquisition-of-prosys-inc . September 11, 2018 . dead .
  31. Web site: Pryne to become Emerson unit . . 71 . March 20, 1957 . October 23, 2020 .
  32. Web site: Sensi Thermostats | Sensi US.
  33. Web site: The Fountain Valley News June 1, 1962 — Colorado Historic Newspapers Collection .
  34. News: Emerson Acquires Verdant, a Leading Energy Management Company in Hospitality. . March 11, 2020.
  35. Web site: Goetzl . David . Emerson Drops Product Placement Case Against NBC . MediaDailyNews . February 23, 2007 . June 27, 2017.

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