Emerson (EMR) CEO Calls Avocent (AVCT) Buy a 'Key Milestone'
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On a conference call related to this morning's M&A news, Emerson's (NYSE: EMR) Chairman, CEO, CFO and President, Raymond Damadian, is making the following comments:
- Avocent (Nasdaq: AVCT) is a "strategic fit"
- sees FY10 dilution to EPS of $0.10
- has been working on the Avocent deal for "some time"
- sees the Avocent deal allowing Emerson to get into a larger market
- the acquisition is a "key milestone"
- Avocent will be integrated over the next 9-12 months
- the deal will add to cash flow in 2011
- Avocent's return on capital is in the low double digits
- Emerson is still in an acquisition "hunt"
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