Diversified manufacturer Emerson Electric Co. (NYSE: EMR) plans to acquire $5-$6 billion in assets by 2015, primarily in the areas of industrial automation and process management. At the same time, the company plans to sell $2-$3 billion in assets.
The CEO told the company’s annual investor conference, “We’re going to drive our growth. We can’t sit back on our ass and wait for it to come to us.” Emerson also lowered the bottom end of its long-term sales forecast from $32 billion to $31 billion. The top of the range remains at $35 billion.
For 2012, the company expects sales of $25 billion, close to the consensus estimate of $25.1 billion. The company’s key market is the US, while it waits out what the CEO called a recession in Europe and slowing growth in China. Emerson expects emerging market countries to provide most of its growth through 2015, and the company plans to beef up its investment in those markets.
Shares of Emerson are down about -2.75% at $51.35 in a 52-week range of $39.59-$62.24.