Greenlee and Klauke are sold to Emerson
Textron, which focuses on aerospace, has announced that it has sold its Tools & Tests division to Emerson for approx. USD 810 m (EUR 655 m).
Included in the sale are all brands belonging to the Tools & Tests section, i.e. Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman + Reilly and Endura.
The transaction has yet to be approved by the various competition authorities, with a conclusion expected in the third quarter of 2018.
The proceeds will be used to fund additional share repurchases.