According to the new report,Swedish industrial companyNIBE AB NIBE-B.SK) said Tuesday it has reached agreement on the acquisition of the Element Division of Emerson Electric Co. , which has operations in the USA, Mexico and China.Terms of the deal were not disclosed.
The heating products unit was created in 1917 and has yearly sales of about $75 million. Their products are used in the appliance industry including the cooking, dishwasher, and water heater segments.
The terms of the deal were not disclosed and the transaction is expected to close by September’s end.
Emerson Electric (NYSE:EMR) has a potential upside of 26.9% based on a current price of $46.91 and an average consensus analyst price target of $59.53.
Emerson Electric is currently below its 50-day moving average (MA) of $52.17 and below its 200-day MA of $56.09.
In the last five trading sessions, the 50-day MA has fallen 0.74% while the 200-day MA has slid 0.25%.
Emerson, based in St. Louis, makes products ranging from motors for appliances to power tools. Earlier this month the company reported that its fiscal third-quarter net income rose 17 percent on higher sales across all divisions.
Emerson Electric Co. manufactures and markets electrical, electromechanical, and electronic products and systems. The Company produces a variety of products, including process control, industrial automation, electronics, appliance components.
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Emerson Electric to Sell Heating Products Unit to Sweden’s NIBE