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Illinois Tool Works Inc To Sell Stake In Unit For $1.05 Billion-Reuters

Thursday, 16 Aug 2012 11:33am EDT 

Reuters reported that Illinois Tool Works Inc (ITW) will sell a majority stake in its decorative surfaces unit to a fund managed by private equity firm Clayton, Dubilier & Rice, for about $1.05 billion, ITW said on August 16, 2012. llinois Tool, which will retain a 49% stake in the business, will use most of the cash proceeds to buy back shares. The deal is expected to close in the fourth quarter. 

Company Quote

-0.27 -0.33%
11:41am EDT