CHICAGO (Reuters) - Illinois Tool Works Inc's (ITW.N: Quote, Profile, Research, Stock Buzz) forecast of $800 million to $1.2 billion in annualized acquired revenues in 2008 "could be conservative," the diversified manufacturer's chief executive said on Tuesday.
Speaking at the Reuters Manufacturing Summit, David Speer said the company, which made 52 acquisitions in 2007, will likely buy 40 to 45 companies this year.
"People could expect that we could have a better year than our range," Speer said, referring to the acquired revenue forecast and citing more availability of larger assets that previously might have been acquired by private equity players.
Speer said the company was looking at a pipeline of deals worth $1.3 billion, adding that it typically closes 60 percent of the deals in its pipeline.
(For summit blog: summitnotebook.reuters.com/)
(Reporting by Jui Chakravorty; editing by Jeffrey Benkoe)
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