4/6/2012 5:04:00 PM
NEWS BRIEFS
ITW Sells Finishing Group to Graco
Illinois Tool Works Inc. completed the sale of its finishing group of businesses to Graco Inc. for $650 million cash.
The finishing equipment businesses consist of paint spray systems and technologies for a variety of industrial end markets and applications around the world. These businesses compete in wet industrial finishing as well as powder paint equipment and drying technologies.
Key brands include Gema, Ransburg, DeVilbiss, BGK and Binks.
“This divestiture aligns with ITW’s strategic focus on our core platform growth opportunities with solid growth prospects and strong returns,” stated ITW CEO David Speer.
“While acquisitions remain a part of our overall growth story, we will continue to selectively divest businesses that no longer represent a strong fit with our core platforms.” Web: itw.com ©2012 GlobalFastenerNews.com
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