Greenlee, Klauke being acquired for $810 million
Emerson will acquire Textron’s tool and test equipment business, which includes the Greenlee and Klauke brand names, for $810 million. The business has $470 million in annual sales.
Emerson recently announced it signed an agreement to purchase the Tools and Test Equipment business of Textron for $810 million. “Tools and 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 said when announcing the agreement to acquire. Emerson continued, “The acquisition, joined with Emerson’s Ridge Tool Company, creates a global $1-billion professional tools business with the broadest offering of mechanical, electrical and plumbing contractors.”
The company said it expects the acquisition to close before the end of July, 2018. Textron’s Tools and Test business had $470 million in sales in 2017.
Emerson chairman and chief executive officer David N. Farr commented, “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. The strong strategic fit with Ridge Tool provides a meaningful value creation opportunity for Emerson.”
Robert T. Sharp is Emerson’s commercial and residential solutions business. He stated, “The Tools and Test acquisition provides Emerson an outstanding opportunity to better serve our target customer—the pro. The addition of Greenlee and Klauke complements our iconic RIDGID brand, creates a leading technology portfolio, expands our geographic presence and strengthens our position in the growing global professional tools marketplace.”
Greenlee offers a broad portfolio of products for cabling and information communications technology (ICT) professionals. Greenlee Communications operates out of Vista, CA. The larger Tools and Test business of Textron is based in Rockford, IL and employs approximately 2300 worldwide.