Commercial

Textron, L3 Complete Subsidiary Sell-offs

By Nick Zazulia | July 3, 2018

A facility for Textron Support Services with badging for some of the company's subsidiaries. (Textron Aviation)

Textron has sold off its tools and test businesses to manufacturing company Emerson for approximately $810 million. Included in the sale were all Greenlee brands, HD Electric, Klauke, Sherman+Reilly and Endura. Proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale.

Meanwhile, L3 Technologies has sold its Vertex Aerospace businesses to American Industrial Partners for $540 million. The sale included the Crestview Aerospace and TCS business units, which were part of L3’s Aerospace Systems business segment. Vertex Aerospace provides aviation logistics services, supply chain management, and MRO services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support.

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