Emerson completes $810 million acquisition of Textron tools

Emerson have finalized their acquisition of the tools and test equipment business of Providence, Rhode Island-based Textron in a $810 million deal.

Textron’s Tools & Test will be combined with Emerson’s Ridge Tool Co., which officials said will form a more than $1 billion global professional tools business that will serve mechanical, electrical and plumbing contractors.

Tools & Test, which is based in Rockford, Illinois, manufactures electrical and utility tools, diagnostics and test and measurement instruments. The company has 2,300 employees, 11 manufacturing plants globally and had 2017 sales of $470 million.

According to a report on bizjournal.com, included in Textron’s sale are all of Tools & Test’s brands and businesses, which include Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly and Endura. Emerson’s purchase of Tools & Test was first announced in April.

Emerson, which had had 2017 revenues of $15.26 billion, had in May 2018 announced a $620 million deal to acquire German pneumatics company Aventics, and in January the company completed the acquisition of Connecticut-based manufacturer Cooper-Atkins.