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Emerson selling Ferguson headquarters, will consider a new home outside St. Louis

Emerson has nearly 1,300 employees based in St. Louis, the firm said Monday. It has been headquartered in St. Louis since its founding in 1890.

FERGUSON, Mo. — Emerson Electric's search for a new home will include scouting locations outside St. Louis, the firm's leader told the Business Journal Monday, an exit that, if completed, would mark a devastating blow to a region that has counted the industrial giant among its biggest corporate citizens for decades.

Emerson, which makes automation products and provides engineering services, said Monday it has inked a deal to sell a majority stake in its Climate Technologies business to private equity giant Blackstone in a deal that values the business at $14 billion. Emerson said the business will be a joint venture between it and Blackstone, until a possible sale or initial public offering.

The deal announced Monday impacts Emerson’s headquarters in Ferguson, at 8000 W. Florissant Ave., with Emerson saying it will sell ownership of the property to the Climate Technologies joint venture. It plans to sign a three-year lease, with a two-year option, to continue operating from certain buildings of the campus as it undergoes a "comprehensive assessment" of potential new headquarters locations.

Read the full story on the St. Louis Business Journal

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