ITW sells Industrial Packaging to Carlyle
The transaction is subject to regulatory approval and customary closing conditions and is expected to close by mid-year.
Proceeds from the sale will be used to partially fund the company's plan to repurchase approximately 50 million shares by the end of 2014 in order to offset the EPS dilution associated with this divestiture. As of the end of 2013, the company had repurchased approximately 14 million shares in conjunction with this plan.
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. ■