UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On March 17, 2020, Emerson Electric Co. (the “Company”) announced that its Board of Directors has authorized the Company to repurchase 60 million shares of its common stock over the next several years. The authorization is in addition to the 70 million share repurchase authorization approved in November 2015, which is nearly completed and has approximately 7 million shares remaining available. Consistent with the capital allocation plan previously announced, the Company still expects to repurchase approximately $1.5 billion in shares in fiscal 2020, depending on market conditions and other circumstances.
The shares may be repurchased in open market or private transactions and the timing, manner, price and amount of shares to be repurchased will be determined by management, with oversight by the Company’s Finance Committee, based on market conditions and other factors management deems appropriate. There can be no assurances as to the timing, manner, price or amount of any purchases, which may be suspended at any time. Repurchased shares may be used for the Company’s employee benefit plans and other corporate purposes.
Forward-Looking and Cautionary Statements
Statements in this Current Report on Form 8-K that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include impact of the coronavirus, economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, among others, as set forth in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 17, 2020 |
EMERSON ELECTRIC CO. | |||||
| By: |
/s/ John A. Sperino | |||||
| John A. Sperino | ||||||
| Vice President and Assistant Secretary | ||||||