Emerson 2010 Annual Report Download - page 18

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16
At Emerson, We Do what
we say we are going to do.
Emerson’s disciplined approach to building
sustainable business models is core to our long-
term success and expanding shareholder value.
Looking Ahead
Global economic trends are more positive as I
write this letter, and I don’t expect a double-dip
recession as we head into 2011. However, we
do expect growth around the world will be slow
and steady. It’s likely to be a global recovery
unlike anything we have seen in modern times,
but we are prepared for it. Given the economic
and financial turmoil of the past two years, it is
understandably a cautious environment. That
said, our customers are spending again and
once again investing in their future. This means
Emerson will benefit from an expanding
capital marketplace.
Our focus on driving business efficiency
benefits both top-line and bottom-line growth.
We continuously find ways to improve our
existing assets and processes in times of strong
markets and in economic downturns. To do
anything else would erode shareholder value.
We continue to improve trade working capital
efficiency, generate strong operating cash flow
and carefully manage capital expenditures to
achieve appropriate levels of targeted returns
on our investments.
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