Actuant Corp. reached a deal Thursday to sell its electrical business to private equity firm Sentinel Capital Partners for $258 million in cash.
The industrial products company said the deal is expected to be completed within 45 days.
Actuant said the pending sale will have no impact on its sales or earnings guidance for fiscal 2014.
It first announced in June that it was looking to sell the electrical business to focus on other divisions. It has kept the business off its earnings reports since then.
The electrical business makes do-it-yourself and industrial electrical products under the brand names Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric. The segment had revenue of about $300 million in fiscal 2013, Actuant said.
Shares of Actuant rose 21 cents to 37.97 in afternoon trading Thursday.