US giant Emerson Electric has announced that it is no longer considering making an offer for rival power protection firm Chloride.

Chloride had previously decided that Emerson’s £357m offer “undervalued the firm and its prospects”.

Emerson, the world number one in uninterruptible power supply systems, decided against putting in a higher bid for Chloride, the fourth largest player in the market.

Chloride’s preliminary announcements, made on 2 June, for the year ended 31 March, indicated record results, with sales up by 31% to £267.6m and operating profit up 54% to £36.1m.

The Chloride board has announced that it believes the firm has excellent prospects as an independent group.

The board says Chloride has a robust business model, clear strategy and a strong position in higher-growth sectors, including IT services, data centres, energy, and oil and gas.

Source

Electrical and Mechanical Contractor