Emerson Electric Co. has agreed to buy the valves and controls business of U.K.-based Pentair PLC for $3.15 billion, the companies said late Thursday. The deal is expected to close in late 2016 or early next year, the companies said in separate statements. The division, based in Switzerland, has about 7,500 employees around the world, and serves process industries such as petrochemicals and mining. Emerson shares were flat in late trading after ending the day down 0.4%; American depositary shares of Pentair were also flat after a 0.1% loss in the regular session.
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