Illinois Tool Works explores sale of industrial packaging business

Tue Feb 19, 2013 9:32am EST

Feb 19 (Reuters) - Illinois Tool Works Inc said it is exploring a sale or spin-off of its industrial packaging business.

The industrial packaging unit, which had 2012 revenue of about $2.4 billion, designs and manufactures steel, plastic, and paper products used for bundling, shipping, and protecting transported goods.

ITW has retained J.P. Morgan Securities and Goldman Sachs as financial advisers.