PROVIDENCE, R.I.--(BUSINESS WIRE)--
Textron Inc. (NYSE: TXT) today announced that it has completed the sale
of its Tools & Test businesses and brands to Emerson, a global
technology and engineering company, for approximately $810 million in
cash. Included in the sale were 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.
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a
global technology and engineering company providing innovative solutions
for customers in industrial, commercial, and residential markets. Our
Emerson Automation Solutions business helps process, hybrid, and
discrete manufacturers maximize production, protect personnel and the
environment while optimizing their energy and operating costs. Our
Emerson Commercial & Residential Solutions business helps ensure human
comfort and health, protect food quality and safety, advance energy
efficiency, and create sustainable infrastructure. For more information
visit www.emerson.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global
network of aircraft, defense, industrial and finance businesses to
provide customers with innovative solutions and services. Textron is
known around the world for its powerful brands such as Bell Helicopter,
Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Textron
Off Road, Arctic Cat, Textron Systems, and TRU Simulation + Training.
For more information visit: www.textron.com.
Certain statements in this press release are forward-looking
statements which may project revenues or describe strategies, goals,
outlook or other non-historical matters; these statements speak only as
of the date on which they are made, and we undertake no obligation to
update or revise any forward-looking statements. These statements are
subject to known and unknown risks, uncertainties, and other factors
that may cause our actual results to differ materially from those
expressed or implied by such forward-looking statements including, but
not limited to, the timing and scope of future repurchases of our common
stock.
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Source: Textron