Emerson Electric (NYSE:EMR) said Thursday it agreed to sell its remaining 40% ownership interest in the Copeland joint venture, formerly Emerson Climate Technologies, for ~$3.5B to Blackstone (BX).
Copeland serves the global HVAC market with a product portfolio that includes compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers.
“We believe now is the right time to execute our plans to fully exit the Copeland business,” Emerson (EMR) President and CEO Lal Karsanbhai said. “This agreement with Blackstone provides certainty and portfolio simplification to Emerson shareholders, while enhancing our focus on executing in our attractive, high growth automation markets.”
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