(Corrects to add drop word “said” in first paragraph)
June 30 (Reuters) - U.S. factory automation equipment maker Emerson Electric Co said it plans to spin off its network power business into a publicly traded company as part of its efforts to focus on its high-growth businesses.
Emerson also said it would explore “strategic alternatives” for its motors and drives, power generation and remaining storage businesses.
The network power business accounted for about 20 percent of Emerson’s sales in 2014, according to company’s annual filing.
The various transactions are expected to be completed by Sept. 30, 2016, the company said in a statement on Tuesday. (Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D‘Souza)