ST. LOUIS--()--Emerson (NYSE: EMR) today announced it has sold Knaack, L.L.C., its jobsite, truck and van storage business, to Werner Co., a world leader in ladders and other commercial climbing and safety equipment. The purchase price was $115 million.
“This strategic acquisition will diversify our business, build on our existing global infrastructure and continue to create value to grow our company for our key stakeholders and employees throughout the world.”
Knaack, L.L.C., based in Crystal Lake, Illinois, is a unit of the Emerson Commercial & Residential Solutions business. Knaack’s brands include the market-leading KNAACK® jobsite storage systems and WEATHER GUARD® truck and van storage equipment.
Werner, headquartered in Greenville, Pennsylvania, has manufacturing facilities in North America, Europe and Asia, specializing in stepladders, scaffolding, extensions, multi-ladders, stepstools, attic/loft ladders, mobile towers, and ramp and truck racks.
“Knaack offers significant synergies for Werner across their customer base and their served industries,” said Craig W. Ashmore, Emerson executive vice president for planning and development. “We are constantly evaluating our product and business mix to drive long-term value, and this is in line with that ongoing strategy.”
Ashmore said Emerson will work closely with Werner and Knaack to ensure a smooth transition.
“The union of Werner and Knaack creates a product portfolio that will allow us to leverage the broader company networks in manufacturing, distribution, sales and marketing to strengthen our position in the industrial/construction segment,” said William T. Allen, President and CEO at Werner Co. “This strategic acquisition will diversify our business, build on our existing global infrastructure and continue to create value to grow our company for our key stakeholders and employees throughout the world.”
Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial, and consumer markets around the world. The company is comprised of five business segments: Process Management, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions. Sales in fiscal 2011 were $24.2 billion. For more information, visit www.Emerson.com.
About Werner Co.
Werner Co. is the world leader in the manufacturing and distribution of ladders, climbing equipment and ladder accessories under the Werner, Green Bull, Keller, and other licensed brands. In 2012 Werner launched a line of fall protection products extending the promise to provide safe access at any height and building on a reputation of excellence in safety for professionals and consumers. Backed by over 60 years of product innovation, Werner ladders are recognized for their durability and quality. All Werner ladders meet or exceed applicable Occupational Safety and Health Administration (OSHA) and American National Standards Institute (ANSI) codes and standards for strength and structural integrity. Werner is headquartered in Greenville, Pennsylvania. For more information, visit http://www.wernerco.com.