ST. LOUIS, September 27, 2022--(BUSINESS WIRE)--Emerson (NYSE: EMR) today announced an agreement to sell its Russia business, including Metran, its Russia-based manufacturing subsidiary, and Emerson LLC in Russia, the sales and service organization for Metran, to the local management team. This announcement follows the company’s May statement to exit its Russia business and explore strategic options to divest Metran.
For fiscal year 2021, Russia represented approximately 1.5% of total Emerson sales. As part of the previously announced Russia exit, Emerson included a pre-tax loss of $162M in the third quarter of fiscal 2022.
The transaction will be subject to regulatory and government approvals, and other customary closing conditions. Emerson will work closely with the local Russia management team to help ensure a smooth transition for employees through the process.
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and software company providing innovative solutions for customers in industrial, commercial and residential markets. A leader in industrial automation, Emerson helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals through its Automation Solutions and AspenTech businesses. Emerson’s Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impact of the COVID-19 pandemic and the Russia-Ukraine conflict, as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005821/en/
Investor Contact: Colleen Mettler 314-553-2197
Media Contact: Charlotte Boyd 952-994-8607