Textron is to sell its Tools and Test business to engineering company Emerson for US$810 million.
Included in the sale are all the Textron Tools and Test businesses and brands. This includes Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly, and Endura.
The transaction is expected to close by November this year. The proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale.