Emerson Electric to exit Russia; posts higher first-qtr profit

2022.05.04 14:41

Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid

(Reuters) – Diversified manufacturer Emerson (NYSE:EMR) Electric Co said on Wednesday that it would exit its business in Russia, adding that it would explore strategic options to divest Metran, its subsidiary in the country.

“We are committed to an orderly transfer of these assets and will support our employees through this process,” said Chief Executive Officer Lal Karsanbhai.

Emerson also reported net earnings to common stockholders of $674 million, or $1.13 per share, for the three months ended March 31, up from $561 million, or 93 cents per share, a year earlier.

Source