Blackstone Picks New CEO For Its Newly Acquired Business From Emerson Electric - Blackstone (NYSE:BX)

Blackstone Inc BX announced Ross B. Shuster as the CEO of Standalone Climate Technologies Business post-acquisition completion.
Shuster has over 25 years of experience and has previously worked at United Technologies / Carrier Global Corporation CARR and Johnson Controls International Plc JCI.
In October 2022, BX disclosed buying a majority stake in Emerson Electric Company's EMR climate-technologies business valuing the unit at $14 billion, including debt.
The standalone Climate Technologies business will include Emerson's copeland compressor business and the complete portfolio of products and services across all HVACR end-markets (accounted for around $5.0 billion of Emerson's FY22 sales).
The acquisition remains on track to be completed by the first half of 2023.
"This is a critical moment for both the business and the industry as we look to bring innovative, efficient, and sustainable heating, cooling, and refrigeration products to customers amidst broad demand for carbon reduction solutions. Ross brings the necessary skills and experience scaling global, sustainability-focused businesses to capitalize on this environment," said Seth Meisel, Senior Managing Director at Blackstone
Also Read: Blackstone Q1 Earnings Miss: Weak Real Estate Business Weigh On Distributable Earnings
Price Action: BX shares are trading lower by 1.08% at $88.48 on the last check Monday.