Emerson Electric will acquire the tools and equipment business of Textron, a Providence, Rhode Island-based defense and aerospace company, for $810 million.
The business makes products including electrical and utility tools, and test and measurement instruments. It recorded 2017 revenue of about $470 million.
Ferguson-based Emerson will combine the unit with its Ridge Tool Company to create a $1 billion professional tools business.
The deal is expected to close in the next 90 days.
Read more: St. Louis Post-Dispatch