Glenview, Illinois -- Illinois Tool Works Inc. announced 2 April 2012 that it has finalised the sale of its finishing group of businesses to Graco Inc. in a $650-million cash transaction.
ITW's finishing equipment businesses consist of paint spray systems and technologies for a variety of industrial end markets and applications around the world. Key brands include Gema, Ransburg, DeVilbiss, BGK and Binks. These businesses compete in wet industrial finishing as well as powder paint equipment and drying technologies, said ITW.
"We are pleased to have successfully completed the sale, particularly since Graco presents these businesses with an excellent opportunity to further optimise their long-term growth," said David Speer, ITW chairman and chief executive officer, in a company statement.
"This divestiture aligns with ITW's strategic focus on our core platform growth opportunities with solid growth prospects and strong returns. While acquisitions remain a part of our overall growth story, we will continue to selectively divest businesses that no longer represent a strong fit with our core platforms."