Company type | Public |
---|---|
Industry | Electrical equipment |
Predecessor | Emerson Electric Manufacturing Co. |
Founded | September 24, 1890 |
Founder | John W. Emerson |
Headquarters | Ferguson, Missouri, U.S. |
Key people |
|
Products |
|
Revenue | US$15.17 billion (2023) |
US$2.161 billion (2023) | |
US$13.22 billion (2023) | |
Total assets | US$42.75 billion (2023) |
Total equity | US$20.69 billion (2023) |
Number of employees | c. 67,000 (2023) |
Divisions | List of business platforms |
Website | emerson |
Footnotes /references [1] |
Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri. [2] [3] [4] The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets. [5] [6] [7] Emerson has approximately 86,700 employees and 170 manufacturing locations. [8]
Emerson was established in 1890 in St. Louis, Missouri, as Emerson Electric Manufacturing Co. by Civil War Union veteran John Wesley Emerson to manufacture electric motors using a patent owned by the Scottish-born brothers Charles and Alexander Meston. In 1892, it became the first to sell electric fans in the United States. It quickly expanded its product line to include electric sewing machines, electric dental drills, and power tools.
During World War II, under the leadership of Stuart Symington, [9] Emerson became the world's largest manufacturer of airplane armament. Emerson ranked 52nd among United States corporations in the value of World War II military production contracts. [10]
In 1954, W.R. "Buck" Persons was named company president. Under his leadership, Emerson diversified its business by acquiring 36 companies. When he retired in 1973, the company had 82 plants, 31,000 employees, and $800 million in sales.
In 1962, it acquired the United States Electrical Manufacturing Company as the U.S. Electrical Motors Division, including the brand U.S. Motors. [11] In 1968, it acquired the InSinkErator company. [12]
Charles F. Knight served as CEO from 1973 to 2000, and was chairman from 1974 to 2004. His tenure marked the development of a rigorous planning process, new product and technology development, acquisitions and joint ventures, and international growth. David Farr succeeded him as chairman, and was also the CEO until 2021.
On December 15, 1999, Emerson Electric agreed to acquire Jordan Industries Inc.'s telecommunications equipment business for $440 million. [13]
In 2010, the U.S. Motors brand was sold to Nidec Motor Corporation. [11]
On July 26, 2011, Emerson announced it would locate its Latin America headquarters in Sunrise, Florida. [14]
On December 1, 2016, Platinum Equity acquired the Emerson Network Power business for over $4 billion and rebranded it Vertiv. The acquisition included the brands ASCO, Chloride, Liebert, NetSure, and Trellis. [15]
In July 2018, Emerson completed the purchase of Textron Tools and Test Businesses for $810 million (Including Greenlee, Klauke, HD Electric, and Sherman + Reilly). [16]
On April 1, 2020, Emerson acquired American Governor Company to boost its presence in the hydropower control systems market. [17]
In October 2022, Emerson agreed to sell a 55 percent majority stake in its climate technologies business to private equity firm Blackstone Inc. in a $14 billion deal, including debt. [18] [19]
Following a nearly year-long negotiation, in April 2023, Emerson agreed to acquire National Instruments in an all-cash deal worth $8.2 billion to further its automation business. [20] [21]
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Emerson Electric produces the AN/APQ series of avionics
The company's leaders since the mid-20th century have been, respectively, W. R. Persons (1954–1973; President), Charles Knight (1973–2000, CEO), and David Farr (2000–2021, CEO). [22] The company's chair of the board have been Charles Knight (1974–2004), and David Farr (2004–2021). Jim Turley is the current Chair of the Board.
Emerson is structured into two business units: automation; and commercial and residential. [23] [24]
In 2008 (using data from 2005), researchers at the University of Massachusetts Amherst identified Emerson as the 97th largest corporate producer of air pollution in the United States, down from its previous rank of 56th. Major pollutants indicated by the study include nickel compounds, manganese, diisocyanate, and lead. [25]
On December 22, 2014, Emerson announced the acquisition of Scotland-based Cascade Technologies Ltd., expanding their gas-analysis portfolio with laser-based measurement analyzers and systems for enhanced industrial emissions monitoring, production efficiencies, and regulatory compliance. [26] Other main Emerson acquisitions and brands include:
On October 2, 2006, Emerson filed suit in federal court against NBC regarding a scene that appeared in the pilot episode of the network's TV series Heroes . The scene depicted Claire Bennet reaching into an active garbage disposal, severely injuring her hand. Emerson's suit claims the scene "casts the disposer in an unsavory light, irreparably tarnishing the product" by suggesting that serious injuries will result "in the event consumers were to accidentally insert their hand into one."
Emerson asked for a ruling barring future broadcasts of the pilot and to block NBC from using any Emerson trademarks in the future.
On February 23, 2007, the case was dropped. NBC Universal and Emerson Electric settled the lawsuit outside of court. [35]
Agilent Technologies, Inc. is a global company headquartered in Santa Clara, California, that provides instruments, software, services, and consumables for laboratories. Agilent was established in 1999 as a spin-off from Hewlett-Packard. The resulting IPO of Agilent stock was the largest in the history of Silicon Valley at the time. From 1999 to 2014, the company produced optics, semiconductors, EDA software and test and measurement equipment for electronics; that division was spun off to form Keysight. Since then, the company has continued to expand into pharmaceutical, diagnostics & clinical, and academia & government (research) markets.
ABB Ltd. is a Swedish–Swiss multinational corporation headquartered in Västerås, Sweden, and Zürich, Switzerland. It is traded on the SIX Swiss Exchange in Zürich, the Nasdaq Nordic exchange in Sweden and the OTC Markets Group's pink sheets in the United States. It was ranked 340th in the Fortune Global 500 list of 2020 and has been a global Fortune 500 company for 24 years.
National Instruments Corporation, doing business as NI, is an American multinational company with international operation. Headquartered in Austin, Texas, it is a producer of automated test equipment and virtual instrumentation software. Common applications include data acquisition, instrument control and machine vision. Since October 2023, NI operates as Emerson Electric's test and measurement business unit after getting acquired.
Textron Inc. is an American industrial conglomerate based in Providence, Rhode Island. Textron's subsidiaries include Arctic Cat, Bell Textron, Textron Aviation, and Lycoming Engines. It was founded by Royal Little in 1923 as the Special Yarns Company. In 2020, Textron employed over 33,000 people in 25 countries. The company ranked 265th on the 2021 Fortune 500 of the largest United States corporations by revenue.
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.
General Electric Automation and Controls division combines what was formerly known as GE Intelligent Platforms and Alstom's Power Automation and Controls. In 2019, GE Intelligent Platforms was acquired by Emerson Electric and is now part of Emerson's Discrete Automation business unit.
Schneider Electric SE is a French multinational corporation that specializes in digital automation and energy management.
InSinkErator is an American company and brand name known for producing instant hot water dispensers and food waste disposal systems, generally called "garbage disposals" or "garbage disposers".
As the US Motors and Generators Business Unit of ABB, ABB Motors and Mechanical Inc. markets, designs, manufactures, and provides service for industrial electric motors, generators and mechanical power transmission products. This business was formerly known as Baldor Electric Company until its company name was merged into ABB on March 1, 2018.
ON Semiconductor Corporation is an American semiconductor supplier company, based in Scottsdale, Arizona. Products include power and signal management, logic, discrete, and custom devices for automotive, communications, computing, consumer, industrial, LED lighting, medical, military/aerospace and power applications. onsemi runs a network of manufacturing facilities, sales offices and design centers in North America, Europe, and the Asia Pacific regions. Based on its 2016 revenues of $3.907 billion, onsemi ranked among the worldwide top 20 semiconductor sales leaders, and was ranked No. 483 on the 2022 Fortune 500 based on its 2021 sales.
Platinum Equity, LLC is an American private equity investment firm founded by Tom Gores in 1995, headquartered in Beverly Hills, California. The firm focuses on leveraged buyout investments of established companies in the U.S., Europe and Asia.
TIBCO Software Inc. is a business unit of Cloud Software Group that provides enterprise software. It has headquarters in Palo Alto and offices in North America, Europe, Asia, the Middle East, Africa and South America.
Littelfuse, Inc. is an American electronics manufacturing company headquartered in Chicago, Illinois. The company primarily produces circuit protection products (fuses) but also manufactures a variety of switches, automotive sensors and, through its subsidiary Zilog, microprocessors. Littelfuse was founded in 1927. In addition to its Chicago, Illinois, world headquarters, Littelfuse has more than 40 sales, distribution, manufacturing and engineering facilities in the Americas, Europe and Asia. Littelfuse is the developer of AutoFuse, the first blade-type automotive fuse.
Chloride is a global company that specializes in the design, production, and maintenance of industrial uninterruptible power supply (UPS) systems to ensure a reliable power supply for critical equipment across multiple industries. Formerly listed on the London Stock Exchange and a constituent of FTSE 250 index, the company has become privately-owned since 2021.
Nidec Corporation, formerly known as Nippon Densan Corporation, is a Japanese manufacturer and distributor of electric motors. Their products are found in hard-disk drives, electric appliances, automobiles and commercial and manufacturing equipment. The company has the largest global market share for the tiny spindle motors that power hard-disk drives.
ASCO Power Technologies, a business unit of Schneider Electric, makes electrical equipment used in healthcare facilities, data centers, communication networks, commercial buildings, and industrial plants.
NIDEC-SHIMPO America Corporation is the North American subsidiary of Japan-based NIDEC-SHIMPO Corporation. NIDEC-SHIMPO is a leading global manufacturer of high precision gearing technologies, including planetary, worm, hypoid, bevel, strain wave and cycloidal gears.
Nidec Industrial Solutions is an Italian multinational company based in Milan, that designs and manufactures rotating electrical machines, Power electronics and industrial automation. It was founded in 2012 with the acquisition of Ansaldo Sistemi Industriali by Nidec Corporation. Working in electrical engineering, designs and manufactures of electric motors and generators, power electronics and control systems and automation for industrial applications, Nidec Industrial Solutions was founded in 2012 when Nidec, a Japanese multinational corporation listed on the TYO: 6594 and NYSE: NJ, NJ and ON TOPIX 100 Component and Nikkei, acquired Ansaldo Sistemi Industriali (ASI). ASI, an industrial branch of the Ansaldo Group, was privatized in 2000. Its markets include petrochemical, energy, steel, marine and industrial automation.
Vertiv is an American multinational provider of critical infrastructure and services for data centers, communication networks, and commercial and industrial environments.
MKS Instruments, Inc. is an American process control instrumentation company. It is headquartered in Andover, Massachusetts.