(Reuters) -Emerson Electric ( EMR ) made a proposal on Tuesday to acquire the stake it does not already own in AspenTech for $240 per share in cash, doubling down on its industrial automation push.

The proposal values AspenTech at $15.1 billion on an enterprise basis, Emerson said.

Emerson already owns about 55% of shares in AspenTech, which it acquired in 2022.

Shares of the company rose about 4% in premarket trade.

St. Louis, Missouri-based Emerson, founded a century ago selling fans and electric motors, has made a string of acquisitions and divestments over the past few years to reposition itself as a technology-focused company.

Additionally, a shift from companies modernizing their factory floors to include more automation has aided overall demand for companies such as Emerson.

The industrial conglomerate said the new unit will have a highly differentiated automation software business globally, addressing the entire lifecycle of automating complex operations, among other functions.

Emerson will also buy back about $2.0 billion of its common stock in fiscal year 2025, with about $1.0 billion of the repurchase expected to be completed in the first quarter of fiscal year 2025.

The company also said it commenced a process to explore strategic alternatives, including a cash sale, for its Safety & Productivity unit, which comprises the remaining businesses not related to its automation portfolio.

Separately, Emerson expects its annual 2025 profit per share to be between $5.85 and $6.05, the midpoint of which is above analysts estimates of $5.89, according to data compiled by LSEG.