Emerson transmission unit could fetch $1.6 billion
Emerson's power transmission business may be worth up to $1.6 billion, according to Reuters.
The British news service, citing anonymous sources, said the business could fetch between $1.2 billion to $1.6 billion in a sale.
Timken Co., Regal Beloit Corp and Altra Industrial Motion Corp. are among companies bidding for the business, Reuters said, adding that those three mentioned U.S. companies already are through the second round of bidding in an auction for the unit.
Emerson declined to comment in the Reuters story.
In June, Ferguson-based Emerson announced it was studying "strategic alternatives" for the Florence, Ky-based division and that it would make a decision by the end of December.
The division, which posted fiscal 2013 revenue of more than $600 million and employs 3,000 worldwide, makes couplings, bearings, conveying components and drive components under brands such as Browning, Jaure, and SealMaster.
In the fiscal year ended Sept. 30, Emerson posted a profit of $2 billion on net sales totaling $24.7 billion.
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