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Emerson Electric Sells Heating Products Unit

Emerson Electric Co. said it is selling its heating products division to NIBE Industrier AB for an undisclosed price.

ST. LOUIS (AP) -- Emerson Electric Co. is selling its heating products division to NIBE Industrier AB.

Terms of the deal were not disclosed.

The heating products unit was created in 1917 and has annual sales of about $75 million. Its products are used in the appliance industry including the cooking, dishwasher, and water heater segments.

The transaction is expected to close by September's end.

Emerson, based in St. Louis, makes products ranging from motors for appliances to power tools. Earlier this month the company reported that its fiscal third-quarter net income rose 17 percent on higher sales across all divisions.

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