Emerson Takes Full Ownership of EGS Electric with an Eye on Petroleum Sector

Global electrical and process automation giant Emerson Electric Co., St. Louis, has agreed to acquire SPX Corp.’s 44.5% minority interest in EGS Electric Group LLC, giving Emerson full ownership of the business. EGS, which is home to a large handful of storied brands in the electrical industry, had estimated revenues of more than $500 million in fiscal 2013.

Emerson purchased SPX’s share for $571 million. SPX will net $350 million from the deal after taxes, which it planne

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