Emerson Takes Over Chloride Group for $1.5 Billion

July 2, 2010
Technology company seeks to elevate its presence in European backup power market.

British power systems group Chloride announced that it was recommending shareholders to accept a $1.5 billion takeover bid from U.S. industrial technology company Emerson.

The purchase came after Emerson had fended off its rival ABB Ltd.s bid for Britains largest manufacturer of backup power equipment.

Just days before, Emerson raised its offer to 375 pence a share, or 997 million pounds, from an earlier proposal of 275 pence, trumping ABBs best offer.

Chloride Chairman Norman Broadhurst, who had twice before turned down bids from Emerson, finally said it was in the best interests of the company, and its shareholders, to accept the offer.

Chloride and Emerson will represent a powerful combination in the global secure power market, Chloride Chief Executive Officer Tim Cobbold said in the statement.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!