Exhibit 10.3

AMENDMENT NO. 1 TO LONG-TERM CREDIT AGREEMENT

        This Amendment No. 1 (this “Amendment”) is entered into as of March 11,
2005, by and among Emerson Electric Co. (the “Borrower”), JPMorgan Chase Bank,
N.A. (successor by merger to Bank One, N.A.), individually as a Lender and as
agent (“Agent”), and the other financial institutions signatory hereto as
Lenders.

RECITALS

        A.        The Borrower, the Agent and the Lenders are party to that
certain Long-Term Credit Agreement dated as of March 12, 2004 (the “Credit
Agreement”). Unless otherwise specified herein, capitalized terms used in this
Amendment shall have the meanings ascribed to them by the Credit Agreement.

        B.        The Borrower, the Agent and the undersigned Lenders wish to
amend the Credit Agreement and the other Loan Documents on the terms and
conditions set forth below.

        NOW, THEREFORE, in consideration of the mutual execution hereof and
other good and valuable consideration, the parties hereto agree as follows:

        1.     Amendments to Credit Agreement. Upon the “Effective Date” (as
defined below), the Credit Agreement and the other Loan Documents shall be
amended as follows:

                (a)     All references in the Credit Agreement and the other
Loan Documents to “Bank One, NA” or “Bank One” shall be deemed references to
“JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA”.

                (b)    Section 1.01 of the Credit Agreement shall be amended by
deleting the definitions of “Consolidated Net Worth” and “Short-Term Credit
Agreement”.

                (c)    The definition of “Absolute Rate Interest Period” set
forth in Section 1.01 of the Credit Agreement shall be amended and restated in
its entirety to read as follows:

                “Absolute Rate Interest Period” means, with respect to an
Absolute Rate Advance, a period of not less than 7 and not more than 180 days
commencing on a Business Day selected by the Borrower pursuant to this
Agreement; provided, however, that (a) if an Absolute Rate Interest Period would
otherwise end on a day which is not a Business Day, such Absolute Rate Interest
Period shall, subject to clause (b) below, end on the next succeeding Business
Day and (b) any Absolute Rate Interest Period which would otherwise end after
the Facility Termination Date shall end on the Facility Termination Date.

                (d)    Section 2.01.2 of the Credit Agreement shall be amended
and restated in its entirety to read as follows:

          2.01.2      Amount of Facility; Increase of Aggregate Commitment. The
Borrower may, at its option, on one or more occasions, at any time on or prior
to

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  the Facility Termination Date, seek to increase the Aggregate Commitment by up
to an aggregate amount which is no greater than $250,000,000 upon at least three
(3) Business Days’ prior notice to the Agent, which notice shall specify the
amount of any such increase (which shall be in an amount not less than
$50,000,000) and shall be delivered at a time when no Default has occurred and
is continuing. The Borrower may, after giving such notice, offer all or any
portion of the increase in the Aggregate Commitment on either a ratable basis to
the Lenders or a non pro-rata basis to one or more Lenders and/or to other banks
or entities reasonably acceptable to the Agent (any Person that accepts such
offer, whether or not a Lender at such time, an “Increasing Lender”, and any
Increasing Lender that is not a Lender at the time of such acceptance, a “New
Lender”). Any Lender may, in its sole discretion, accept or reject any offer
from the Borrower to increase its Commitment. No increase in the Aggregate
Commitment shall become effective until each Increasing Lender shall have
delivered to the Agent a document in form reasonably satisfactory to the Agent
pursuant to which such Increasing Lender shall state the amount of its
Commitment and each New Lender shall assume and accept the obligations and
rights of a Lender hereunder, and the Borrower shall have accepted such
incremental Commitments. Each Increasing Lender shall accept an assignment from
the existing Lenders, and each existing Lender shall make a ratable assignment
to each Increasing Lender, of an interest in each then outstanding Ratable
Advance and a participation in each outstanding Swing Line Loan and Facility LC
such that, after giving effect thereto, all Ratable Advances and participations
in all Facility LCs and Swing Line Loans are held ratably by the Lenders
(including the Increasing Lenders) in proportion to their respective
Commitments. Assignments pursuant to the preceding sentence shall be automatic
after giving effect to each increase in the Aggregate Commitment and shall be
made in exchange for the principal amount assigned plus accrued and unpaid
interest and Facility Fees and LC Fees. The Borrower shall make any payments
under Section 2.22 resulting from such assignments.

                (e)    Section 5.01(c) of the Credit Agreement shall be deleted
in its entirety and replaced with the word “Reserved.”

                (f)    Section 5.09 of the Credit Agreement shall be deleted in
its entirety. All references in the Credit Agreement to Section 5.09 shall be
deleted.

                (g)    Section 7.05 of the Credit Agreement shall be amended by
adding the following new sentence at the end thereof:

          Except as expressly set forth herein, the Agent shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Subsidiaries that is
communicated to or obtained by the bank serving as the Administrative Agent or
any of its Affiliates in any capacity.

                (h)    The first sentence of Section 9.06(c) of the Credit
Agreement shall be amended and restated in its entirety to read as follows:

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          Any Lender may at any time assign to one or more banks or other
institutions (each an “Assignee”) all, or a proportionate part (equivalent to an
initial Commitment of not less than $10,000,000) of all, of its rights and
obligations under this Agreement and any Loan Document, and such Assignee shall
assume such rights and obligations, pursuant to an Assignment and Assumption
Agreement in substantially the form of Exhibit D hereto executed by such
Assignee and such transferor Lender, with (and subject to) the subscribed
consent of the Borrower and the Agent; provided that (i) if an Assignee is an
affiliate of such transferor Lender or was a Lender immediately prior to such
assignment, such consents may not be unreasonably withheld and (ii) the
Borrower’s consent shall not be required if an Event of Default has occurred and
is continuing; and provided, further, that such assignment may, but need not,
include rights of the transferor Lender in respect of outstanding Competitive
Bid Loans.

                (i)    The terms “Level I Status”, “Level II Status”, “Level III
Status” and “Level IV Status” set forth in the Pricing Schedule to the Credit
Agreement shall be amended and restated in their entirety to read as follows:

  “Level I Status” exists on any date if, on such date, the Borrower’s Moody’s
Rating is Aa3 or better or the Borrower’s S&P Rating is AA- or better.

  “Level II Status” exists on at any date if, on such date, (a) the Borrower has
not qualified for Level I Status and (b) the Borrower’s Moody’s Rating is A1 or
better or the Borrower’s S&P Rating is A+ or better.

  “Level III Status” exists on any date if, on such date, (a) the Borrower has
not qualified for Level I Status or Level II Status and (b) the Borrower’s
Moody’s Rating is A2 or better or the Borrower’s S&P Rating is A or better.

  “Level IV Status” exists on any date if, on such date, (a) the Borrower has
not qualified for Level I Status, Level II Status or Level III Status and
(b) the Borrower’s Moody’s Rating is A3 or better or the Borrower’s S&P Rating
is A- or better.

        2.     Representations and Warranties of the Borrower. The Borrower
represents and warrants that:

                (a)    The execution, delivery and performance by the Borrower
of this Amendment have been duly authorized by all necessary corporate action,
and this Amendment constitutes a valid and binding agreement of the Borrower,
enforceable against the Borrower in accordance with its terms, except to the
extent that enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights and by equitable principles (regardless of whether enforcement
is sought in equity or at law);

                (b)    Each of the representations and warranties of the
Borrower contained in the Credit Agreement is true and correct in all material
respects on and as of the date hereof as if

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made on the date hereof, except to the extent any such representation or
warranty is stated to relate solely to an earlier date, in which case such
representation or warranty was true and correct on and as of such earlier date;

                (c)    Immediately after giving effect to this Amendment, no
Default shall have occurred and be continuing.

        3.     Effective Date. This Amendment shall become effective as of the
date hereof on the date (the “Effective Date”) when the Agent shall have
received duly executed counterparts of this Amendment from the Agent, the
Borrower and the Required Lenders; provided that Section 1(i) hereof shall
become effective when the Agent shall have received duly executed counterparts
of this Amendment from all Lenders.

        4.     Reference to and Effect Upon the Credit Agreement.

                (a)    Except as specifically amended above, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

                (b)    The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the
Agent or any Lender under the Credit Agreement or any other Loan Document, nor
constitute a waiver of any provision of the Credit Agreement or any other Loan
Document, except as specifically set forth herein. Upon the effectiveness of
this Amendment, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” (and each reference in any other Loan Document
to “the Credit Agreement”) or words of similar import shall mean and be a
reference to the Credit Agreement as amended hereby.

        5.     GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

        6.     Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

        7.     Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

[signature pages follow]

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        IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date and year first above written.

EMERSON ELECTRIC CO.

By:  /s/ Walter J. Galvin

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Walter J. Galvin
Senior Executive Vice President &
Chief Financial Officer

By:  /s/ D. J. Rabe

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David J. Rabe
Vice President & Treasurer

JPMORGAN CHASE BANK, N.A., as Agent and as a Lender

By:  /s/ Robert T. Sacks

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Title:   Managing Director

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BANK OF AMERICA, N.A., as a Lender

By:  /s/ John Pocalyko

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Title:  Senior Vice President

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CITIBANK, N.A., as a Lender

By:  /s/ Andrew L. Kruger

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Title:  Vice President

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MORGAN STANLEY BANK, as a Lender

By:  /s/ Daniel Twenge

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Title:  Vice President
 Morgan Stanley Bank

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S-1
[TO AMENDMENT NO.1]

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BNP PARIBAS, as a Lender

By:  /s/ Nicole Marley

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Title:  Managing Director

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By:  /s/ Angela Arnold

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Title:  Vice President

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ROYAL BANK OF CANADA, as a Lender

By:  /s/ Howard Lee

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Title:  Authorized Signatory

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BARCLAYS BANK plc, as a Lender

By:  /s/ David Barton

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Title:  Associate Director

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UNICREDITO ITALIANO S.p.A NEW YORK BRANCH, as a Lender

By:  /s/ Nicola Longo Dente

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Title:  First Vice President

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By:  /s/ Saiyed A. Abbas

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Title:  Vice President

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FORTIS BANK, as a Lender

By:  /s/ Eelco Gelauff

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Title:  Service Manager

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By:  

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Title:  

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S-2
[TO AMENDMENT NO.1]

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STANDARD CHARTERED BANK, as a Lender

By:  /s/ Bert de Guzman

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Title:  Senior Vice President

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By:  /s/ Robert K. Reddington

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Title:  AVP/Credit Documentation
 Standard Chartered Bank

THE NORTHERN TRUST COMPANY, as a Lender

By:  /s/ Alex Nikolov

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Title:  Second Vice President

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THE BANK OF NEW YORK, as a Lender

By:  /s/ Mark Wrigley

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Title:  Vice President

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SOCIETE GENERALE, as a Lender

By:  /s/ Maria Iarriccio

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Title:  Vice President

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SKANDINAVISKA ENSKILDA BANKEN, as a Lender

By:  /s/ Marcus Gaarlett

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Title:  Authorized Signatory

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By:  /s/ Martin Lindeberg

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Title:  Authorized Signatory

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S-3
[TO AMENDMENT NO.1]

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WACHOVIA BANK, N.A., as a Lender

By:  /s/ J. Andrew Phelps

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Title:   Vice President

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UBS LOAN FINANCE LLC, as a Lender

By:  /s/ Edward Cripps

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Title:  Director
 Banking Products Services, US

By:  /s/ Joselin Fernandez

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Title:  Associate Director
 Banking Products Services, US

SUMITOMO MITSUI BANKING CORPORATION, as a Lender

By:  /s/ Edward McColly

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Title:   Vice President & Department Head

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BANK OF TOKYO-MITSUBISHI TRUST COMPANY, as a Lender

By:  /s/ P. Shah

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Title:   Vice President

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ICBC SHANGHAI MUNICIPAL BRANCH, as a Lender

By:  /s/ Gu Guoming

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Title:  Vice President

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BANK OF CHINA, Los Angeles Branch as a Lender

By:  /s/ Xiao Wang

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Title:  Branch Manager & Vice President

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By:  /s/ Jason Fu

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Title:  Vice President

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S-4
[TO AMENDMENT NO.1]