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Emerson Electric to Sell Russia Business to Local Management

By Colin Kellaher

 

Emerson Electric Co. on Tuesday said it agreed to sell its Russia operations to the business's local management team, following through on a pledge to exit the country after Russia's invasion of Ukraine.

The St. Louis technology and engineering company said the sale includes Metran, a supplier of process automation equipment it acquired several years ago to gain more exposure to Russia's energy industry.

Russia represented about 1.5% of Emerson's fiscal 2021 sales of nearly $18.2 billion. The company previously booked a pretax loss of $162 million in the third quarter of fiscal 2022 to reflect the planned divestiture.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

September 27, 2022 08:41 ET (12:41 GMT)

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