Emerson Electric Incorporates Astec as a Wholly-owned Subsidiary

Hong Kong-based Astec is now wholly owned subsidiary of Emerson Electric Co. (EMR; St. Louis, MO). As a result, Astec will no longer be listed on the London Stock Exchange.

Astec's corporate office in Central Plaza, Hong Kong will close on June 30. Astec remains fully committed to its presence in Asia and will relocate personnel to its offices in Lu Plaza, Hong Kong. Howard Lance will remain Astec's CEO and will relocate to St. Louis where he will have improved access to Emerson management.