Emerson Electric Co said it would sell its power transmission business to Regal Beloit Corp , a maker of electric motors, for $1.44 billion. The deal comprises $1.4 billion in cash and assumption of certain post-retirement liabilities, Emerson said.Emerson's power transmission solutions business makes couplings, bearings and gearing components under brands such as Browning, Kop-Flex, Rollway and Sealmaster.The unit had revenue of more than $600 million in 2014 and employed more than 3,000 people, the company said.
Emerson Electric Co. (Emerson) is a diversified global technology company. Shares of EMR fell by 4.71% or $-2.89/share to $58.43. In the past year, the shares have traded as low as $57.76 and as high as $70.66. On average, 3699380 shares of EMR exchange hands on a given day and today's volume is recorded at 8183690.
Shares of RBC fell by 1.64% or $-1.14/share to $68.38. In the past year, the shares have traded as low as $62.15 and as high as $80.41. On average, 295698 shares of RBC exchange hands on a given day and today's volume is recorded at 377836.
Source
