Asset manager Blackstone and local employer Emerson recently announced that private equity funds managed by Blackstone completed an acquisition of a majority stake in Emerson’s climate technologies business, resulting in the creation of a new company, called “Copeland.”
The transaction was valued at $14 billion, the companies said last week.
“This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader’s journey to advance the next generation of climate technologies,” Blackstone said in its announcement.
The new name is a familiar one. It appears to pay homage to refrigeration industry inventor Edmund Copeland, who moved his business to Ohio from Michigan in the 1930s. Emerson acquired the Copeland business in 1986.
Asked about the implications for the Emerson operations in Sidney and Dayton, a Copeland spokeswoman said Thursday: “Copeland will continue to operate its facilities in United States — including those in the Sidney/Dayton area. The business will maintain its global footprint to serve customers throughout the North America, Europe, Latin America, Asia, Middle East and Africa.”
Emerson opened a $35 million research and development facility on the University of Dayton campus in late 2015. And the company had a longstanding manufacturing operation in Sidney. In 2017, Emerson said it was investing $1.5 million into that facility.
Emerson made heating, ventilation and air-conditioning parts at its Sidney operation and had just under 2,000 employees there in the years before the COVID-19 pandemic.
The standalone Copeland business will build “on the brand’s 100-year legacy, global recognition and influence across the HVACR industry,” Blackstone said.
Copeland’s product portfolio includes compressors, controls, thermostats, valves, software and monitoring products for residential, commercial and industrial customers. Copeland had fiscal 2022 net sales of $5 billion, according to Blackstone.