WASHINGTON The U.S. Federal Trade Commission gave its blessing to Emerson Electric Co's (EMR.N) acquisition of industrial valve manufacturer Pentair PLC (PNR.N) on condition that it sells Pentair's switchbox business to Crane Co (CR.N).
The requirement was aimed at easing competitive concerns. The FTC said Emerson, a factory automation equipment maker, and Pentair together control 60 percent of the U.S. switchbox market.
The agreement is subject to a 30-day comment period, after which the FTC said it would decided whether to make the proposed consent order final.
(Reporting by Eric Walsh and Tim Ahmann)