Illinois Tool Works to sell $3 bln unit, buyers may include Onex, CPPIB - Reuters
Illinois Tool Works Inc is nearing a deal to sell its industrial packaging unit for more than US$3 billion, with buyout firms Carlyle Group LP and Onex Corp competing in the final stretch of the auction, people familiar with the matter told Reuters. The company narrowed the list of potential buyers to Carlyle and the consortium of Onex Corp and Canada Pension Plan Investment Board (CPPIB) after reviewing final offers submitted on Monday, and could strike a deal as soon as this week, the people said on Thursday. Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines. The packaging business makes steel, plastic and paper products used for bundling, shipping and protecting transported goods, with brands including Signode, Strapex, Angleboard and Mima.
