Shearman & Sterling advised industrial conglomerate Textron on the sale of its Tools and Test Business (“Tools & Test”) to Emerson, a global technology and engineering company, for approximately $810 million. The acquisition, joined with Emerson’s Ridge Tool Company, creates a global $1 billion professional tools business with the broadest offering for mechanical, electrical and plumbing contractors. The closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals.
Textron, headquartered in Providence, Rhode Island, leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron and its subsidiaries include brands such as Cessna, Beechcraft, Hawker, Jacobsen and Arctic Cat.
Tools & Test is a leading manufacturer of electrical and utility tools, diagnostics, and test and measurement instruments with strong global distribution and highly respected brands, including Greenlee and Klauke.
Emerson Electric Co., headquartered in St. Louis, Missouri, is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets.