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Illinois Tool Works Inc.
ITW today 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 such well known brands as Signode, Strapex, Angleboard and Mima among
others 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.
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