Emerson (EMR) Selected as Automation Partner by Korea's SungEel
Emerson Electric Co. EMR has been selected by Korea-based lithium-ion battery recycling company SungEel HiTech Co., Ltd. to provide state-of-the-art automation solutions to its Gunsan, Jeollabuk-do located Hydro Center complex’s latest three lithium-ion recycling plants. This deal supports sustainable production and operational efficiency goals of the recycling plants.
Per the deal, Emerson will combine its process automation technology with SungEel’s unique battery recycling methods. The collaboration between the two companies aims to establish a strong resource cycle to enable a steady supply of battery materials for electric vehicles to bolster the world's total production capacity.
Also, EMR’s modern instruments and valve solutions, including a variety of flow, level, pressure, and pH sensors and transmitters, and control valves, will provide the high levels of performance, preciseness and reliability needed for SungEel’s advanced proprietary hydrometallurgical processes.
Lately, Emerson has been awarded a series of contracts, which are likely to drive its growth. In March, the company was selected by the solar energy company Lodestone Energy to provide advanced automation solutions to New Zealand's first large-scale solar photovoltaic power project.
Per the deal, Lodestone leveraged EMR’s Ovation distributed control system and OCR3000 controller to provide comprehensive control to curtail variability and intermittency impact in solar PV power generation. Using this technology, operators were able to quickly respond to grid frequency events. It also helped them in monitoring solar PV operations from the control room or mobile devices, measuring, monitoring and reporting key performance indicators to maximize the visibility of plant operations.
Price Performance
In the past year, the EMR stock has declined 8.5% against the industry’s 12.1% increase.
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Zacks Rank & Other Stocks to Consider
Emerson currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked companies from the Industrial Products sector are discussed below:
Flowserve Corporation FLS presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 27.3%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2023 earnings has increased 3.1%. The stock has risen 25.7% in the past year.
Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 13.9%.
The consensus estimate for AIT’s fiscal 2024 earnings has increased 3.3% in the past 60 days. Shares of Applied Industrial have jumped 29.1% in the past year.
A. O. Smith Corporation AOS currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 5%. The stock has risen 31.5% in the past year.
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Emerson Electric Co. (EMR) : Free Stock Analysis Report
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