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6
Acquisitions and the
Management Process
Effective due diligence is fundamental
to making good acquisitions.
－Emerson axiom

Acquisitions have been central to Emerson's growth and success for decades. They are a vital component of our financial model (see exhibit 2-1 in chapter 2): we cannot consistently reach our target of double-digit annual earnings growth without doing deals. The organic growth of our existing businesses, even with our ability to improve operating margins, won't get us there.
Beyond their contribution to our financial performance, acquisitions generate additional valuable benefits: they help us diversify and reposition our portfolio and gain access to new technology, markets, capabilities, and people. For all these reasons, then, it is essential that we do acquisitions well.
Over time, we've learned how to do deals. Between 1973 and 2000, we completed more than two hundred acquisitions for a cumulative investment of more than $ 10 billion. For companies owned more than five years, Emerson achieved an average internal rate of return of approximately 15 percent, with more than 80 percent of the dollars invested exceeding our cost of capital (see
exhibit 6-1).This success rate is unusually high. Numerous academic studies have found that acquisitions are a risky way to generate growth and on average generate returns significantly below the cost of capital.
The Emerson management process has been the key to our success in this area, just as it was pivotal in our becoming a technology leader. The process helps us select good candidates and manage postmerger integration effectively. At the same time, it helps us achieve strong results quickly in the companies we acquire.