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Textron completes sale of Tools and Test unit to Emerson for $810M

Textron Inc. said it completed the sale of its tools and test assets to Emerson Electric Co., a global technology and engineering company, for approximately $810 million in cash.

The sale includes such businesses and brands as Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly and Endura.

The aerospace and defense company said it expects to use the proceeds to finance additional share repurchases, meant to offset the earnings impact related to the sale.