ST. LOUIS, January 3, 2008 – Emerson (NYSE:EMR) today announced it sold its Brooks Instrument unit on December 31, 2007, to American Industrial Partners Capital Fund IV, L.P. (“AIP”) for approximately $100 million in cash. AIP is a private equity investment firm that applies an operational approach to building and improving middle-market companies.
Brooks, headquartered in Hatfield, PA, provides flow measurement and control devices to the low flow application market, and principally serves the chemical and semiconductor industries. Its sales in fiscal 2007 were approximately $90 million.
“Brooks Instrument has performed well for Emerson,” said David N. Farr, chairman, CEO and president. “However, we believe Brooks’ alignment within AIP’s business provides the right synergy going forward for both companies.”
The sale of Brooks is representative of Emerson’s ongoing strategy to manage its business mix toward high-growth, high-return businesses that are strategic to its entire portfolio. Over the past 18 months, Emerson sold several small businesses which included its Western Forge hand tool unit and Buehler materials testing business, and in recent weeks sold its joint venture interest in Industrial Motion Control (IMC). Emerson also made a number of strategic acquisitions in the past year. Most recently, Emerson in September agreed to acquire Motorola’s Embedded Communications Computing (ECC) business for $350 million. That transaction also closed on Dec. 31.
Emerson (NYSE:EMR), based in St. Louis, is a global leader in bringing technology and engineering together to provide innovative solutions to customers through its network power, process management, industrial automation, climate technologies, and appliance and tools businesses. Sales in fiscal 2007 were $ 22.6 billion. For more information, visit www.Emerson.com.
Founded in 1989, American Industrial Partners is a private equity firm that makes control equity investments in mid-sized industrial companies that can benefit from the firm’s systematic approach to implementing strategic and operational improvements. For more information, visit www.aipartners.com or American Industrial Partners can be reached at 212-627-2360.