Emerson 2009 Annual Report Download - page 3

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Annual Report 1
We are emerging from one of the harshest economic declines in memory – an economic
event that punished nearly every business in virtually every global market. As many reacted to the
recession by retrenching and digging in, Emerson met the challenge by doing what we do best:
innovating and moving forward.
We focused on investing in our core businesses, looking ahead to where growth would be
strongest: infrastructure projects in the developing world, power generation and distribution,
enhancing energy efciency, and network integrity and data center connectivity. We also took rapid
steps to reposition our operations for greater efciency in a long-term, best-cost structure. These
quick actions, along with key growth strategies in place before the downturn, have positioned us
well along the path of recovery – although we expect the recovery to be slow and gradual, especially
in the United States and Western Europe.
A review of 2009
Emerson’s ability to respond quickly to changing business cycles and conditions, while also
investing for the long term, continues to be a powerful advantage for creating a unique competitive
edge. Even so, this deep recession was much worse than our most pessimistic scenarios. Although
Dear Shareholders,
David N. Farr
Chairman, Chief Executive
Ofcer, and President