Emerson Climate Technologies has changed its name and will now go to market as Copeland.
This change came as a previously announced deal that saw private equity firm Blackstone acquire a controlling stake in the newly named company for $9.7 billion. The company is valued at $14.0 billion, per a release announcing the name change and the completion of the transaction.
In explaining the name change, the company said the Copeland name builds “on the brand’s 100-year legacy, global recognition and influence across the HVACR industry.” Copeland will focus on serving the global HVACR market and its product portfolio includes compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers. Copeland had fiscal 2022 net sales of $5.0 billion, per the release.
Copeland will continue to operate from St. Louis, while maintaining a global footprint to serve customers in Europe, Latin America, Asia, Middle East and Africa.
Copeland is owned by a joint venture between Blackstone and Emerson. Under the final terms of the purchase agreement, Blackstone will have a controlling ownership interest of 60% of Copeland, up from 55% when the transaction was announced. Emerson’s continuing investment in the business is composed of a seller’s note of $2.25 billion and 40% non-controlling common equity ownership of $1.7 billion, for a total investment value of approximately $3.9 billion.