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Emerson Electric to sell network power unit for $4 bln: Reuters

Emerson Electric Co, a maker of factory automation equipment, said it would sell its network power unit to investment firm Platinum Equity in a deal valued at $4 billion.

Emerson will retain a subordinated interest in the unit, which will continue to be led by Scott Barbour, executive vice president of Emerson and business leader for the network power division, the company said.

Japan’s Nidec Corp said earlier on Tuesday it would buy Emerson’s motors and electric power generation unit for $1.2 billion.

St. Louis, Missouri-based Emerson said last year it planned to spin off its network power business, and would explore “strategic alternatives” for its motors and drives, power generation and remaining storage units.