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Emerson to acquire Tools & Test equipment business from Textron
Emerson has signed an agreement to purchase the Tools and Test Equipment (Tools & Test) business of Textron for USD 810 million.
Tools & Test is a manufacturer of electrical and utility tools, diagnostics, and test and measurement instruments with strong global distribution and highly respected brands, including Greenlee and Klauke. The acquisition, joined with Emerson’s Ridge Tool Company, creates a global USD 1 billion professional tools business, a press release reads. “This acquisition significantly contributes to Emerson’s investment strategy of adding complementary businesses that broaden our served markets and add key capabilities to meet the evolving needs of our customers and drive premium growth,” said Emerson Chairman and Chief Executive Officer David N. Farr. “The strong strategic fit with Ridge Tool provides a meaningful value creation opportunity for Emerson.” Headquartered in Rockford, Ill., Tools & Test has 2’300 employees with 11 manufacturing locations around the world and 2017 sales of USD 470 million.