ITW To Reap $1B By Trading Wilsonart Control To PE Firm

Law360, New York (August 16, 2012, 3:09 PM EDT) -- Manufacturing conglomerate Illinois Tool Works Inc. has worked out a deal with Clayton, Dubilier & Rice LLC whereby ITW will trade a majority stake in its Wilsonart laminate brand to the private equity firm for about $1.05 billion in cash, the seller announced Thursday.

The payment will come in two forms: a $395 million equity investment in the resultant new company by a CD&R-managed fund, plus borrowings by Wilsonart, according to a statement from the Glenview, Ill.-based ITW, whose various divisions produce industrial products ranging from...
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