St. Louis, Missouri-based Emerson Electric Co. (NYSE: EMR) said it agreed to acquire the Swiss Valves & Controls business of UK-based Pentair plc (NYSE: PNR) for $3.15 billion.

The deal strengthens Emerson’s global presence in control, isolation, pressure relief valves and actuation, as part of a larger strategy to build a broader automation portfolio. The move follows Emerson’s recently announced divestitures of Network Power, Leroy-Somer and Control Techniques for a total of $5.2 billion as part of the company’s overall strategic portfolio repositioning that was initiated in June 2015.

“This acquisition delivers on our strategic plan of investing in Automation Solutions and in markets where we have a global leadership position and see significant long-term growth opportunities,” said Emerson chairman and chief executive David N. Farr. “By adding Pentair’s Valves & Controls leading technologies and services to our already broad portfolio, we have positioned our businesses to grow while continuing to provide our customers around the world with more complete solutions to their toughest challenges.”

Headquartered in Schaffhausen, Switzerland, the Pentair Valves & Controls business has nearly 7,500 employees around the world. The business has a large global installed base in chemical, petrochemical, oil and gas, power, mining and other process industries. With product brands like Anderson-Greenwood, Crosby, Vanessa, Keystone and Biffi, Pentair Valves & Controls has been a global leader in providing valve solutions for customers.

“The Pentair Valves & Controls business is a strong fit for us as they share many of the same management principles that have defined success for Emerson over the years such as global customer support, service, best cost sourcing and manufacturing,” said Mike Train, executive vice president and business leader for Emerson Automation Solutions.

Pentair acquired the Valves & Controls business in 2012 through an all-stock merger with the Flow Control business of Tyco International Ltd. Valves & Controls’ 2015 revenue was $1.8 billion.

Randall J. Hogan, Pentair chairman and CEO stated, “We expect this transaction to provide Pentair the ability to advance our strategy, drive growth, and focus resources on three segments, all of which we believe have attractive growth characteristics.”

Following the closing, Pentair’s business will consist of three segments, Water Quality Systems, Flow & Filtration Solutions, and Technical Solutions, aligned with global trends to deliver solutions around water quality and availability, equipment and building protection, industrial and process efficiency, and food and beverage processing.

The deal is expected to close in the next four to six months, subject to customary closing conditions and regulatory approvals.

Greenhill & Co., LLC served as financial advisor to Emerson and Davis Polk & Wardwell LLP served as legal advisor. Citi and Goldman, Sachs & Co. are serving as financial advisors to Pentair and Foley & Lardner LLP is providing legal counsel.

Emerson is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial and consumer markets around the world. The company is comprised of five business segments: Process Management, Industrial Automation, Network Power, Climate Technologies and Commercial & Residential Solutions. Sales in fiscal 2015 were $22.3 billion.

Pentair delivers industry-leading products, services and solutions for its customers’ diverse needs in water and other fluids, thermal management and equipment protection. With 2015 revenues of $6.4 billion, Pentair employs approximately 28,000 people worldwide.

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