Strengthens Emerson Process Management support for Indian market, region
ST. LOUIS (April 1, 2011) – Emerson (NYSE: EMR) today announced it has acquired full ownership of its Fisher Sanmar Limited joint venture from Sanmar Engineering Corporation, expanding the capabilities of Emerson Process Management in India. This acquisition adds to Emerson Process Management’s offering of control valves, industrial regulators and other process technologies and services through the Fisher brand. The purchase price was $135 million for the business and additional land.
The company, expected to be renamed Emerson Process Chennai Pvt Ltd., will expand sales, service and industry coverage of Emerson Process Management in India and the region and strengthen its supply base. Sales of the joint venture in FY2010 were about $40 million.
“We have had a very productive partnership with Sanmar. Over the last 18 years, they have established many excellent customer relationships and built a strong foundation,” said Terry Buzbee, president of Emerson Process Management’s Fisher business. “This acquisition strengthens Emerson Process Management’s presence in India and extends our ability to serve customers. I am grateful for their leadership and commitment to excellence.”
Over the next 10 years India is expected to add more than 100GW of new thermal generating capacity, and Emerson will assign dedicated power-industry specialists to serve this market. Other industries will also receive more focus, more locally made products, and more sales coverage – enabling Emerson to reduce product lead times and improve delivery for Indian customers.
“This move is a strong complement to our investment at the Fisher Chennai valve engineering and research center,” Buzbee said. “It also enhances our ability to support large, multi-national projects in India as well as in the Middle East and throughout the region.”