Press release from Business Wire
Emerson Agrees to Purchase Virgo Valves and Controls, LTD
<p class='bwalignc'> <i><b>Strengthens Emerson Process Management's presence in oil & gas industry</b></i> </p>
Tuesday, September 24, 2013
Emerson Agrees to Purchase Virgo Valves and Controls, LTD09:00 EDT Tuesday, September 24, 2013
ST. LOUIS (Business Wire) -- Emerson (NYSE:EMR) announced it has signed an agreement to purchase Virgo Valves and Controls, LTD, a leading manufacturer of ball valves and automation systems based in Pune, India.
A privately held company, Virgo serves diverse markets worldwide, including the oil and gas, power and mining industries. In addition to ball valves, Virgo also manufactures high performance butterfly valves and severe-service valves for critical applications. Virgo will operate within Emerson Process Management's final controls business, serving customers in the energy and process-related industries.
“Virgo's leadership in the engineered, on-off valve market is a great strategic fit within our business and strongly complements our Fisher® control valve business,” said Steve Sonnenberg, Emerson's executive vice president who heads its Emerson Process Management segment. “Their ‘customer first' focus on meeting or exceeding customer expectations in innovation, quality, performance and on-time delivery aligns perfectly with the solutions that customers have come to expect from Emerson. We are excited about the synergy between our two companies and the opportunities for global business growth.”
Mahesh Desai, co-founder and chairman of Virgo, citing the advantages of Virgo being part of Emerson, said: “The alliance with Emerson, and in particular the Fisher line of products, is a continuation of our growth as a global brand. We appreciate the support of customers, employees and other stakeholders that have been part of our company.”
Since starting operations in 1986, Virgo has focused on the manufacture and sales of engineered on-off valve products, and today has manufacturing locations in Europe, the United States and India. Its sales in more than 60 countries last year were about $250 million, more than 80 percent outside India. The deal is expected to close early next month.
About Emerson Process Management
Emerson Process Management (www.emersonprocess.com), an Emerson business, is a leader in helping businesses automate their production, processing and distribution in the chemical, oil and gas, refining, pulp and paper, power, water and wastewater treatment, mining and metals, food and beverage, life sciences and other industries. The company combines superior products and technology with industry-specific engineering, consulting, project management and maintenance services. Its brands include DeltaV™, Fisher®, Micro Motion®, Rosemount®, Bettis®, and Ovation™.
Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial, and consumer markets around the world. The company is comprised of five business segments: Process Management, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions. Sales in fiscal 2012 were $24.4 billion. For more information, visit www.Emerson.com.
Mark Polzin, 314-982-1758