Emerson To Buy Pentair's Valves & Controls Business For $3.15 Bln

(RTTNews) - Emerson Electric Co. (EMR), has agreed to buy UK-based Pentair plc's (PNR) valves & controls business for $3.15 billion.

"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 CEO David Farr. "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."

St. Louis, Missouri-based Emerson said it expects to close the deal in next four to six months.

The Swiss-based business has nearly 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 and owns product brands like Anderson-Greenwood, Crosby, Vanessa, Keystone and Biffi.

The company recently announced the divestitures of Network Power, Leroy-Somer and Control Techniques for a total of $5.2 billion as part of its restructuring process.