Emerson Valve Acquisition Boosts Presence in India
Emerson announced it has acquired full ownership of the Fisher Sanmar Limited joint venture, from Sanmar Engineering Corporation, expanding the capabilities of Emerson Process Management in India. The purchase price was $135 million for the business plus additional land. Sales in FY2010 were around $40 million. Over the next 10 years India is expected to add more than 100GW of new thermal power generating capacity, and Emerson will assign dedicated power-industry specialists to serve this market.
"We have had a very productive partnership with Sanmar. Over the last 18 years, they have established many excellent customer relationships and built a strong foundation," said Terry Buzbee, president of the Emerson Fisher business: "This move is a strong complement to our investment at the Fisher Chennai valve engineering and research center. It also enhances our ability to support large, multi-national projects in India as well as in the Middle East and throughout the region."