Ferguson-based Emerson Electric has closed on its $810 million purchase of the tools and test equipment business of Rhode Island-based Textron Inc.
The tools and test unit has 2,300 employees. It will merge with Emerson’s Ridge Tool business to form a unit projected to eclipse $1 billion in annual sales.
The acquisition was first announced in April.
It’s part of a larger shift by Emerson, which has made several deals in the last few years, to sell off underperforming units and build up its process-control business through purchases.