Emerson Buys Turbine Control in Third Deal Since June
Emerson Electric Co. bought Turbine Control Service Associates Inc., a manufacturer of products for power plants, as Chief Executive Officer David Farr made his third purchase since June.
Terms for the acquisition of closely held Turbine Control weren’t disclosed, Emerson said in a statement today. Pittsburgh-based Turbine Control’s offerings help power-plant operators upgrade their generator controls, Emerson said.
Turbine Control brings “very industry-specific expertise” to St. Louis-based Emerson, said Mark Polzin, a spokesman. “It’s very important to Emerson, to our customers in this space.”
The deal is the third completed by Emerson in seven months, based on data compiled by Bloomberg. London-based Chloride Group Plc agreed on July 2 to Emerson’s $1.5 billion buyout, and Emerson purchased Innovative Control Systems Inc., another maker of power-plant controls, on June 30 for undisclosed terms.
Emerson rose 16 cents to $58.18 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have gained 37 percent in the past year.
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