Emerson 2010 Annual Report Download - page 12

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10
opportunities for growth in a marketplace
that is bigger and more global. We are driven
to create new technology and innovations
to solve unique customer challenges and
issues. Emerson has the talent, leadership
and passion to prosper in a world of slower
economic growth.
We are a company focused on current and
future opportunities that expand our served
markets and our growth potential. Today,
in locations around the world, we apply
Emerson’s knowledge, insight, technology and
passion to grow our customers’ businesses and
help them win in their competitive markets.
Emerson also identifies trends and engineers
solutions to satisfy the global market and
technology needs of tomorrow. We invest
During the past five years, Emerson has gener-
ated $15.2 billion of operating cash flow, with
$8.2 billion returned to shareholders
through dividends and buybacks, a payout
ratio of 54 percent. While this year’s payout
ratio was only 34 percent, we have consistently
communicated that there will be years when
we increase our acquisition activity and scale
back share repurchases. In 2009 and 2010,
we took the opportunity to complete nearly
$4 billion of strategic marquee acquisitions –
acquisitions that will provide higher growth
and margins longer term and help us develop
innovative solutions for our global customers
that no one else can deliver today.
It’s About Sustainable Growth
Every day, the people of Emerson see
Technology Leadership
Through Innovation