Emerson, a provider of network power, process management, industrial automation, climate technologies, and appliance and tools businesses, reported on Nov. 4 record net sales for fiscal 2008 of $24.8 billion, an increase of 12% from the prior year.
Sales for the fourth quarter were $6.7 billion, an increase of 11% over the $6 billion for the same period last year. Sales in the U.S. increased 1%. International sales increased 13% with Asia increasing 17%, Latin America increasing 25%, Middle East/Africa increasing 14% and Europe increasing 6%.
"While the year ahead will present significant challenges and uncertainty, we are confident the diversity of our business portfolio, innovative technologies and services, our balanced global position, strong balance sheet and an incredibly talented and" said Emerson Chairman, CEO David N. Farr
Looking at the businesses, the Process Management business saw in increase in sales of 17% to $6.7 billion while the Industrial Automation sales were $4.9 billion, an increase of 14% from the prior year and the fifth consecutive year of a double-digit sales increase. Network Power had sales of $6.3 billion, an increase of 23% over 2007. Climate Technologies achieved sales of $3.8 billion in 2008, an increase of 6%, and Appliance and Tools sales for the year decreased 4 % to $3.9 billion.