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Textron (NYSE: TXT), Providence, RI, has completed the sale of its Tools & Test businesses and brands to Emerson (NYSE: EMR), St. Louis, MO, for approximately $810 million in cash.
The deal was announced this spring, and includes all the Textron Tools & Test businesses and brands--Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly, and Endura. Proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale, the company said.