Emerson Electric makes automation equipment and software used to control and monitor industrial processes in oil and gas, chemicals, power generation, life sciences and other process manufacturing industries. Its instruments measure and control variables like pressure, temperature and flow inside industrial facilities, technology that plant operators depend on to run complex processes safely and efficiently. The company has shifted its portfolio over the years toward automation software and away from some of its older commercial and residential products, selling off businesses that didn't fit its narrower industrial automation focus. Emerson's revenue is tied to capital spending by energy, chemical and other process industry customers, so its order book tends to track the broader industrial capital expenditure cycle.