Emerson to sell embedded computing business

"Continued weakness in the technology equipment and mobile device markets that this business serves has resulted in lower sales and earnings growth expectations," the company said in a statement. The division has been bought by Platinum Equity, a private equity investment firm based in the US, for approximately $300milllion in cash. Emerson chairman and ceo David Farr, pictured, commented: "The embedded computing and power business is a technology leader in the industry it serves, but no longer fits strategically in our portfolio. "The transaction with Platinum will allow us to immediately focus on our core businesses while also participating in the upside from repositioning the business as it focuses on growth as an independent company." The transaction is expected to close in the next six months. Emerson today reported Q3 net earnings of $194million, down 75% from last year's $770m.