ST. LOUIS — Ferguson-based Emerson (NYSE: EMR) said Wednesday it has expanded its commercial and residential division with the acquisition of a Canadian energy management firm.
The Montreal-based firm, Verdant, provides technology and analytics designed to help hotel and hospitality venues manage their energy usage. Financial terms of the deal were not disclosed. Verdant has about 70 employees.
“As the hotel and hospitality industries continue to work toward energy efficiency and minimizing their carbon footprint, having the right technology and software to make this a reality is vital for success,” said Brent Schroeder, group president of heating and air conditioning for Emerson. “This addition of an established and fast-growing commercial energy solutions provider complements our existing digital analytics and broad services capabilities and will also allow us to expand our efficiency offerings to customers in new markets.”
Emerson operates under two major businesses — Automation Solutions and Commercial & Residential Solutions. The purchase of Verdant is the first deal Emerson has announced after it last month unveiled a $425M cost-cutting plan that involves closing several facilities and eliminating 2,900 jobs. As Emerson looks to fine-tune its operations, Emerson Chairman and CEO David Farr has said his company will continue to have a robust M&A pipeline. He said last month that typically there are more than 10 or 15 acquisition targets in front of Emerson’s board at all times.
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