Graco to Acquire ITW's Finishing Business
Graco said key figures for ITW’s finishing businesses include the following:
-- 2010 revenues of global $305 million
-- Operations located in the U.S., Europe, Japan, South America and sales offices and distribution capabilities in several additional countries
-- Technologies and brands, such as Gema powder finishing equipment, Binks industrial pumping solutions, DeVilbiss auto-refinish guns and accessories, Ransburg electrostatic guns and accessories and BGK curing technology
-- Global manufacturing capabilities and capacity
Graco said it plans to finance the transaction through a new committed $450 million revolving credit facility and previously announced long-term debt of $300 million.
The transaction is scheduled to close in June at the earliest, pending regulatory reviews and other customary conditions, Graco said. Terms for the transaction are reported to be $650 million.