Emerson Electric (NYSE:EMR) will soon be in sole possession of a joint venture it has operated with SPX (NYSE:SPXC) since 1997. Both companies announced in separate press releases Wednesday that Emerson will purchase SPX's 44.5% stake in EGS Electrical Group. The price is $571 million.

EGS is a manufacturer of specialty electrical goods for industrial and hazardous environments. It's widely dispersed around the globe, as its most significant markets are the U.S., Brazil, Canada, and France.

According to Emerson, more than half of EGS' total sales are derived from the oil, gas, and chemical markets. In its press release, the former company cited growth opportunities in these sectors as a key reason for its purchase.

Emerson expects the deal to be "slightly accretive" to its earnings per share in 2014. It said that EGS, which will become part of its industrial automation segment, posted annual revenues of more than $500 million in 2013. 

SPX anticipates it will book a Q1 2014 after-tax gain of roughly $300 million from the sale.

Both companies expect the deal to close in Q1 2014, pending approval from the relevant regulatory bodies.