16 August 2012 16:16 [Source: ICIS news]
HOUSTON (ICIS)--Illinois Tool Works (ITW) has agreed to sell a 51% stake in its decorative surfaces segment to investment firm Clayton, Dubilier & Rice (CD&R) for about $1.05bn (€851m) in cash, the US-based diversified manufacturing firm said on Thursday.
ITW will retain the remaining 49% stake in the segment, it said.ITW's decorative surfaces segment manufactures and distributes laminate and work surface products for the construction market including commercial, residential and renovation applications. It has operations in North America, Europe and ?xml:namespace>
Last year, the segment had revenues of $1.1bn and operating margins of 12%, ITW said.
“The decorative surfaces segment has a variety of premium brands and is a valuable asset,” said ITW's CEO, David Speer.
“The transaction with CD&R creates an opportunity for the business to fully leverage the depth and breadth of its decorative surfacing products and technologies as well as their unique design and full-service capabilities,” Speer added.
($1 = €0.81)
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