Textron completes sale of Tools & Test businesses to Emerson
Textron Inc. completed the sale of its Tools & Test businesses and brands to Emerson, a global technology and engineering company, for approximately US$810 million in cash.
The sale included all of the Textron Tools & Test businesses and brands: Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly, and Endura. Textron explains proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale.
Headquartered in St. Louis, Missouri, Emerson solutions for customers in industrial, commercial, and residential markets. The company’s Emerson Automation Solutions business focuses on how process, hybrid and discrete manufacturers can increase production, protect personnel and the environment.
The Emerson Commercial & Residential operation, meanwhile, focuses on human comfort and health, food quality and safety, energy efficiency, and sustainable infrastructure projects.