Benzinga | Jul 12, 2021 01:33PM EDT

Emerson To Sell Daniel Measurement And Control Business To Turnspire Capital Partners For Undisclosed Terms

* Emerson Electric Co. (NYSE:EMR) has agreed to sell its Daniel Measurement and Control Business to an affiliate of Turnspire Capital Partners LLC for an undisclosed sum.

* Daniel's ultrasonic flowmeter and fiscal transfer system businesses are not part of this transaction.

* Houston--based Daniel provides flow and energy measurement technologies and services to the natural gas and refined hydrocarbon industries. It has a manufacturing facility in Chihuahua, Mexico.

* The transaction is expected to close in the third quarter of 2021 and includes Daniel's brand rights, facilities, intellectual property, and personnel.

* Emerson had cash and equivalents of $2.34 billion at the quarter ended March 31, 2021.

* Price action: EMR shares are trading higher by 1.01 % at $98.60 on the last check Monday.