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Emerson (NYSE: EMR), St. Louis, MO, will acquire the Tools and Test Equipment business of Textron (NYSE: TXT) for $810 million. The deal includes the Greenlee and Klauke brands.
Tools and Test Equipment makes electrical and utility tools, diagnostics, and test and measurement instruments. Joined with Emerson’s Ridge Tool Company, the acquisition creates a global $1 billion professional tools business for mechanical, electrical and plumbing contractors.
“The addition of Greenlee and Klauke complements our iconic RIDGID brand, creates a leading technology portfolio, expands our geographic presence and strengthens our position in the growing global professional tools marketplace,” said Robert T. Sharp, executive president, Emerson Commercial & Residential Solutions.