The $10 billion in cash EMR is expected to receive from the sale of 55% stake of its Climate Controls division is already burning a ho-e on management’s pocket. Farr may be gone but his big spending and high-living on shareholders money lives on.
Maybe D. E. Shaw will go all the way now and run a proxy fight to (deservedly) throw the b-ms out of mismanaging this company for more than two decades.
9 replies (most recent on top)
The sale went thru, now we're into layoff roulette. To date, it's been Mgmt.
Even did open enrollment for benefits! NOW, layoffs at the "individual contributor level" begin: first maybe last will be Dec 7&8 2023.
More NI (National Instruments, Emerson) job cuts announced. Some have already been notified Nov 3rd, 2023. More cuts to come Dec 7-8 2023. Possible more job cuts in 2024 and beyond.
On January 31, 2023, NI announced a workforce reduction plan (the “Plan”) intended to accelerate its growth strategy and further optimize its operations and cost structure. The Plan is expected to reduce NI’s worldwide headcount by approximately 4% during 2023, with a majority of the reductions expected to occur in the first quarter of 2023.
In connection with the Plan, NI estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $20 million to $25 million, consisting primarily of cash termination benefits and other employee-related costs that are expected to be paid in 2023. NI anticipates that the majority of these charges will be recognized during the first quarter of 2023, with the remaining amount expected to be recognized during 2023.
https://www.streetinsider.com/SEC+Filings/Form+8-K+NATIONAL+INSTRUMENTS+For%3A+Jan+31/21140389.html
4% Workforce Reduction in Q1’2023 planned
Fortive (FTV), Keysight (KEYS) and Honeywell (HON) are said to be interested in National Instruments (NATI)
https://seekingalpha.com/news/3926433-national-instruments-gains-amid-report-of-interest-from-several-strategics
Deal makes no sense. Lighting a bunch of money on fire. Completely ego driven. Take the proceeds from the divestiture and do a massive share repurchase.
Appears Lal is learning from the Farr/Rockwell hostile takeover. How did that work out?
https://www.forbes.com/sites/jemimamcevoy/2023/01/17/79-year-old-cofounder-of-national-instruments-back-as-a-billionaire-after-emerson-electrics-7-billion-buyout-offer/?sh=28cb0b1c4a2a
It would have gone a long way to have earlier secured Dr T’s support & control of Dr T’s 9% share of NATI stock. Did they talk between May 2022 & going public on the offer?