February 5, 2010 / 2:07 PM / in 7 years

UPDATE 1-Emerson CEO says no 'double-dip' recession

2 Min Read

* Sees slow economic growth returning later this year

* Expects another $500 mln-$600 mln in fiscal 2010 M&A

BOSTON, Feb 5 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) does not expect the U.S. economy to slide back into recession, but anticipates slow growth over the next decade, its top executive said on Friday.

"I do not believe we're going to have a double-dip recession," Chief Executive David Farr told investors. "I think we'll have stronger growth as we move into late 2010 on a calendar-year basis."

To grow its business in the face of what it expects to be slow economic growth over the next decade, the maker of climate control systems, power systems and technology used in the production of oil and natural gas expects to both buy new businesses it sees as faster-growing and sell off slower-growing units over the next few years.

The St. Louis-based company, which closed out its first fiscal quarter on Dec. 31, expects to reach another $500 million to $600 million in takeover deals before its 2010 fiscal year ends.

Emerson said earlier this week that it expects to report 2010 profit of $2.20 per share to $2.40 per share. (Reporting by Scott Malone, editing by Gerald E. McCormick)

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