Emerson Completes Acquisition of NI, Advancing Global Automation Leadership
艾默生完成對NI的收購，提升全球自動化領導地位

NI to become new Test & Measurement segment within Emerson
NI將成為艾默生內部新設的測試與測量部門

ST. LOUIS (October 11, 2023) – Emerson (NYSE: EMR) today announced it has closed its acquisition of NI (Nasdaq: NATI), a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion.

圣路易斯，2023年10月11日——艾默生(紐約證券交易所代碼:EMR)宣布，已經完成了對軟件連接自動化測試和測量系統的供應商NI(nasidake代碼:NATI)的收購，股權價值為82億美元。

The acquisition of NI advances Emerson’s position as a global automation leader and expands its opportunity to capitalize on key secular trends like nearshoring, digital transformation, and sustainability and decarbonization. NI brings a portfolio of software, control and intelligent devices that is expected to accelerate Emerson’s revenue growth aligned to its 4-7% through the cycle organic growth target. NI increases Emerson’s end market exposure in discrete markets, which will be Emerson’s second largest industry segment, and with approximately 20% of sales in software, NI also increases Emerson’s exposure to high-growth industrial software markets. NI increases Emerson’s gross profit, with further adjusted EBITA margin expansion opportunities as Emerson delivers an expected $165 million of cost synergy opportunities by the end of year 5 through application of best practices from the Emerson Management System.

收購NI提升了艾默生作為全球自動化的地位，并擴大了其利用關鍵長期趨勢的機會，如離岸外包、數字化轉型、可持續發展和去碳化。NI帶來了軟件、控制和智能設備的產品組合，預計將加快艾默生的收入增長，使其通過周期有機增長目標達到4-7%。NI增加了艾默生在離散市場的終端市場份額，離散市場將成為艾默生的第二大產業部門，大約20%的銷售額來自軟件，NI還增加了艾默生在高增長工業軟件市場的份額。由于艾默生通過應用艾默生管理系統的佳實踐，到第5年年底實現了1.65億美元的成本協同機會，因此NI增加了艾默生的毛利，并進一步調整了EBITA的利潤增長機會。

“Our acquisition of NI is a significant milestone in our efforts to transform Emerson and realize our vision of increasing growth, cohesiveness and end market diversification across Emerson’s portfolio,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “We are pleased to welcome NI employees to Emerson and benefit from our shared visions and cultures, including our mutual commitment to innovation, operational excellence and sustainability. Together, we look forward to providing our customers more innovative and differentiated products, executing on our synergy targets and delivering increased shareholder value.”

“收購NI是我們努力改造艾默生并實現艾默生產品組合增長、凝聚力和終端市場多元化愿景的一個重要里程碑，”艾默生總裁兼首席執行官Lal Karsanbhai表示。“我們很高興歡迎NI員工加入艾默生，并從我們共同的愿景和文化中受益，包括我們對創新、卓越運營和可持續發展的共同承諾。我們期待共同為客戶提供更具創新性和差異化的產品，實現我們的協同目標并增加股東價值。”

NI will become a new reported segment within Emerson called Test & Measurement and will be consolidated into the Software and Control group. The Test & Measurement business will continue to be headquartered in Austin, Texas. NI reported $1.66 billion in 2022 revenue and operates in more than 40 countries, serving approximately 35,000 customers across high-growth semiconductor and electronics, transportation and aerospace and defense markets.

NI將成為艾默生內部一個名為測試和測量的新部門，并將并入軟件和控制集團。測試和測量業務的總部將繼續設在德克薩斯州的奧斯汀。NI公布2022年收入為16.6億美元，在40多個國家開展業務，為高增長的半導體和電子產品、交通運輸、航空航天和國防市場的約35，000家客戶提供服務。

Ritu Favre has been appointed to lead the Test & Measurement segment as Business Group President. Ms. Favre joined NI in 2019 as Senior Vice President and General Manager of the semiconductor business and was promoted to Executive Vice President of Business Units in 2022, where she was responsible for driving growth across the semiconductor and electronics; aerospace, defense and government; transportation; and portfolio business units. She brings more than 30 years of technology experience to Emerson, with deep customer relationships and expertise on the emerging innovations and technologies driving electronic test and measurement forward.

Ritu Favre被任命為業務集團總裁，領導測試與測量部門。Favre女士于2019年加入NI，擔任半導體業務副總裁兼總經理，并于2022年晉升為業務部門執行副總裁，負責推動半導體和電子產品的增長；航空航天、國防和政府；運輸; 和投資組合業務部門。她為艾默生帶來了 30 多年的技術經驗，在推動電子測試和測量向前發展的新興創新和技術方面擁有深厚的客戶關系和知識。

“I am excited to lead Emerson’s newly formed Test & Measurement business group and build on NI’s strong foundation as we drive synergies, continue to enhance growth and profitability, and help to execute on Emerson’s strategy as an automation leader,” said Ms. Favre. “With a deep bench of talent, an impressive roster of customers and our strong combined innovation engine, we are well positioned to work closely with Emerson’s broader business to enhance our ability to solve our customers’ toughest test and measurement challenges.”

Favre女士表示：“我很高興能夠領導艾默生新成立的測試與測量業務團隊，并以NI的堅實基礎為基礎，推動協同效應，繼續提高增長和盈利能力，并幫助執行艾默生作為自動化的戰略。憑借深厚的人才儲備、令人印象深刻的客戶名單以及強大的綜合創新引擎，我們完全有能力與艾默生更廣泛的業務部門密切合作，以增強我們解決客戶嚴峻的測試和測量挑戰的能力。”

As a result of the transaction’s closing, NI’s common stock has ceased trading on the Nasdaq.

交易完成后，NI的普通股已停止在nasidake交易。