Machinery / Supply Side

ITW completes sale of its industrial packaging segment to The Carlyle Group for $3.2 billion

Illinois Tool Works Inc. (ITW, itw.com) has completed the previously announced sale of its Industrial Packaging segment to The Carlyle Group for $3.2 billion, subject to customary post-closing adjustments.

In September 2013, the company announced that it intended to utilize its existing share repurchase authorization to repurchase approximately 50 million shares in order to fully offset the divestiture-related EPS dilution. The company has repurchased approximately 33 million shares through the first quarter of 2014 and plans to substantially complete the share repurchase program by June 30, 2014.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the amount and timing of share repurchases. These statements are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated. Important factors that could cause actual results to differ materially from the company's expectations are set forth in ITW's 2013 Annual Report on Form 10-K.

ITW is a Fortune 200 global diversified industrial manufacturer of value added consumables and specialty equipment with related service businesses. The company focuses on solid growth, improving profitability and strong returns across its worldwide platforms and businesses. These businesses serve local customers and markets around the globe, with a significant presence in developed as well as emerging markets. ITW's revenues totaled $14.1 billion in 2013.

Did you enjoy this article? Click here to subscribe to Food and Beverage Packaging

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 Beverage Breakthroughs of the Year

Beverage packaging innovations huff, puff and blow traditional packaging down.

Food and Beverage Packaging

FBP October 2014 cover

2014 October

Check out the October 2014 issue of Food & Beverage Packaging, with a special PACK EXPO preview, and much more!

Table Of Contents Subscribe

Packaging Innovation

Which segment do you see the most innovation in packaging?
View Results Poll Archive

The Food and Beverage Packaging Store

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\FBP\modified-atmosphere.gif
Modified Atmosphere and Active Packaging Technologies

Many factors are relevant in making the proper choice of food packaging material, including those related to shelf life and biodegradability.

More Products

FBP Buyer's Guide

2013 FBP Buyers Guide

 

 

Food and Beverage Packaging's Buyer's Guide provides a list of suppliers of food and beverage packaging solutions. 

STAY CONNECTED

 Facebook iconTwitter iconYoutube icon LinkedIn icong+icon

Clear Seas Research

CS-OflRGBhomepage.jpgWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.