Emerson Electric To Pay $571M For JV Stake From SPX

Law360, New York (December 4, 2013, 12:14 PM EST) -- Emerson Electric Co. will buy SPX Corp.'s full 44.5 percent share of the companies' joint venture, EGS Electrical Group LLC, for $571 million, the industrial manufacturers said Wednesday.

The venture, established 1997, manufactures electrical products for industrial and extreme environments and has hit $500 million in revenues in 2013, according to Emerson. After the sale, SPX will repurchase shares and reduce its debt and Emerson will fully integrate EGS into its core business structure.

"Historically, EGS has been a high-quality, niche market participant, with sales concentrated in...
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