Emerson to Sell Chromalox Industrial Heating Division to JP Morgan Partners

As reported in the December 7 edition of Electrical Marketing, Emerson Electric Co. said it would sell its Chromalox industrial heating business to J.P. Morgan Chase & Co.’s private equity group, JPMorgan Partners, for $165 million. St. Louis-based Emerson said it expects the deal to close in December.

“We are continuing our strategy of repositioning Emerson into faster-growth areas to deliver enhanced shareholder value,” said David N. Farr, chief executive officer. “While Chromalox is an outstanding company, it no longer is a strategic fit with Emerson’s overall direction. The business and organization should have greater growth opportunities under new ownership.”

Chromalox, with annual sales of approximately $150 million, designs and manufactures industrial electric heating and control products, and operates multiple manufacturing, engineering, warehousing, and sales locations throughout North America and Europe.

“With its unique competitive position and its exceptional management team, we believe Chromalox is ideally positioned for strong future growth and profitability,” said Christopher Behrens, general partner of JPMorgan Partners. “We are pleased to have the opportunity to purchase one of the world’s leading suppliers of industrial heating solutions and are committed to working with management to increase the value of the company,” Behrens said.

JPMorgan Partners (JPMP), formerly Chase Capital Partners, is a global partnership with more than $25 billion under management. It is a provider of private equity and has closed over 1,800 individual transactions since its inception in 1984. JPMorgan Partners’ primary limited partner is J.P. Morgan Chase & Co., one of the largest financial institutions in the United States.

Emerson’s sales in fiscal 2001 were $15.5 billion.


Want to use this article? Click here for options!





Acceptable Use Policy
blog comments powered by Disqus

what's wrong here?

What's Wrong Here?

May 10, 2012 12:44 PM

What's Wrong Here?

Apr 19, 2012 10:09 AM

What's Wrong Here?

Apr 5, 2012 2:27 PM

View all What's Wrong Here?

product spotlight

EV charger tester

May 25, 2012 8:26 AM

EV charger tester

The Electrician is portable tester that verifies critical power and safety requirements of electric vehicle (EV) chargers...

View all 2012 Product Spotlights

Free Product Info

Our Product Information site is the ultimate online resource for products and services offered by Advertisers featured in our Magazine. This service is provided as a quick and easy way to request Product Information online. Get FREE product information now.

Recent Comments

More...


Social Media

More ways to stay informed...

follow us on twitter

Find us on Facebook

EC&M Whitepaper

Arc Mitigation –A Three-Step Approach

Did you know that an arc-flash incident hospitalizes 5-7 workers per day in North America, severely impacting processes and profitability with lost production? Download This Sponsored Whitepaper Today!

What's New in Residential Cabling?
Date: Wednesday, May 30, 2012
Time: 2:00pm ET


In this The Home Depot sponsored Low Voltage Webinar, Ron Kipper RCDD / NTS will discuss the need for compression style coaxial connectors and the migration of the entire CATV, Satellite and Audio / Video industry to them. Register Today!

Grounding Versus Bonding
Now Available On-Demand


In this 60-minute FREE webinar, Mike Holt of Mike Holt Enterprises, Inc. will explain the purpose of grounding and bonding as related to the most current requirements set forth in the 2011 NEC. Register to View On-Demand!

resources

product info icon

product info

tradeshow icon

tradeshow

research icon

research

industry links

industry links

rss icon

rss

Browse Back Issues

Browse Back Issues