Emerson acquires Danish marine controls company
AUSTIN, TEXAS (January 8, 2007) - Emerson (NYSE: EMR) today announced it has acquired Damcos Holding A/S from the 3i Group PLC (UK: III) of the United Kingdom; Danfoss A/S of Nordborg, Denmark; and the Damcos management team. Terms of the agreement were not disclosed.
Damcos is a leading supplier of valve remote control systems, tank monitoring equipment, and complete marine tank management solutions to the global marine and offshore markets. It will immediately become part of Emerson's Process Management business, complementing the company's established marine measurement and valve actuation brands, which include Saab Rosemount TankRadar, and Bettis, El-O-Matic, Hytork, Shafer, and Dantorque actuators.
"We are excited about the addition of Damcos' Marine Tank Management products and systems expertise to the Emerson family," said John Berra, president, Emerson Process Management. "This key acquisition further extends our leadership in process control products and services into the Marine and Shipbuilding industry."
Founded in 1960 and based in Naestved, Denmark, Damcos became a leading supplier of hydraulic equipment for the local marine shipbuilding industry. Since the early 1990s, the company has developed into a leading, global supplier of marine actuators and integrated marine tank management solutions. Since 2004, Damcos has had a strategic partnership with Emerson to sell Saab Rosemount TankRadar systems to the tanker market. Damcos has production facilities in Naestved; Ry, Denmark; Busan, South Korea; and Shanghai, China. The acquisition includes all Damcos' technologies, manufacturing facilities, and employees.
"We are very excited to be part of Emerson Process Management," said Ove Soerensen, president and CEO of Damcos. "Being part of such a successful global player will allow us greater access to marine customers and to new markets that will fuel growth well into the future."
Emerson Process Management
Emerson Process Management, a business of Emerson, is a leader in helping businesses automate their production, processing and distribution in the marine, oil and gas, refining, chemical, pulp and paper, power, water and wastewater treatment, food and beverage, pharmaceutical, and other industries. The company combines superior products and technology with industry-specific-engineering, consulting, project management and maintenance services. Emerson brands include PlantWeb, Saab Rosemount TankRadar, Bettis, Hytork, El-O-Matic, Shafer, Dantorque, Fisher, Micro Motion, Rosemount, DeltaV, Ovation, and AMS Suite.
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 2006 were $20.1 billion.
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