Emerson (NYSE: EMR) today announced that it has agreed to divest its
Connectivity Solutions business unit to Bel Fuse, Inc. (NASDAQ: BELF.A
and BELF.B). The transaction, valued at $98 million, is expected to
close before the end of the fiscal year, with proceeds deployed for
incremental share repurchase in 2014.
Currently a part of Emerson's Network Power business, with 2013 revenue
of more than $80 million, Connectivity Solutions is based in
Bannockburn, Illinois. The business offers industry-leading fiber optic,
radio-frequency and microwave-coaxial technologies that safeguard
network reliability, with brands including AIM-Cambridge, Johnson,
Midest Microwave, Semflex, Stratos, Trompeter, Viewsonics and Vitelec.
"Although the business no longer aligns with our long term strategy to
strengthen our core global franchises, it offers Bel attractive growth
opportunities and is consistent with its strategic direction," said
Jamie Froedge, Emerson's Vice President, Acquisitions and
Development. "We will work closely to ensure a smooth transition for
customers and employees."
Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global
leader in bringing technology and engineering together to provide
innovative solutions for customers in industrial, commercial, and
consumer markets around the world. The company is comprised of five
business segments: Process Management, Industrial Automation, Network
Power, Climate Technologies, and Commercial & Residential Solutions.
Sales in fiscal 2013 were $24.7 billion. For more information, visit www.Emerson.com.
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