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21 October, 2021

Emerson Electric to shut 50 plants
Published:  01 January, 2002

Emerson Electric, the US conglomerate whose subsidiaries include Control Techniques and Leroy Somer, has announced plans to close or sell more than 50 of its 380 plants worldwide, following poor financial figures. It has not revealed details of where the closures will occur, but says that about 4,000 jobs will be lost - mainly in the US - as it shifts production to lower-cost economies such as China, India, Mexico and the Philippines.

Last year, Emerson announced its first fall in profits for 43 years and sales for the final quarter of 2001 fell by a further 16%. Chief executive David Farr expects business to improve gradually this year but does not foresee a major improvement until late in the year.

The restructuring plan is expected to save Emerson about $150m this year. Its global sales last year were $15.5m.

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