Underlying sales grew 6 percent in first three months.
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Edgar M. Purvis has been appointed CEO, while Edward L. Monser will remain president.
Company CEO: Purchase will strengthen Regal Beloit's global footprint.
Emerson profit up 2.4 percent for quarter.
Emerson will pay $571 million for the remaining 44.5 percent stake.
Acquisition expands Emerson Process Management's storage tank offerings for the oil and gas, petrochemical and chemical industries.
Pune, India-based Virgo serves global oil and gas, power and mining markets.
Emerson agreed to sell a majority stake in its embedded computing and power business.