ITW explores sale of industrial packaging group
Illinois Tool Works Inc. announced that it is initiating a review process to explore strategic alternatives for its Industrial Packaging segment.
The Industrial Packaging segment designs and manufactures steel, plastic, and paper products used for bundling, shipping, and protecting transported goods. The segment includes the brands Signode, Strapex, Angleboard and Mima and had 2012 revenues of approximately $2.4 billion.
"As part of the execution of ITW's enterprise strategy and portfolio management initiative, we are starting a process to explore strategic options for our Industrial Packaging segment, which may include a sale or spin-off of the business," said E. Scott Santi, president and chief executive officer. "We expect the review process will last through the remainder of 2013."
To assist the company in evaluating its strategic alternatives, ITW has retained J.P. Morgan Securities LLC and Goldman, Sachs & Co. as its financial advisers.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
