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[edit]
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 $14 billion 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 $8.2 billion to further its automation business.[20][21]
Deal or No Deal?