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[Oct 2005]
Instron Acquisition Expected to Close This Month
ITW - Illinois Tool Works Inc (Glenview, IL, USA) has signed an agreement with Kirtland Capital Partners to purchase Instron Corporation, the leading world-wide supplier of instruments, software and services for the testing of materials and structures.
Based in Norwood, MA, USA, Instron has manufacturing facilities and technical centres in 13 countries throughout North America, Europe and Asia. The company's products are grouped into three major categories: material testing; structural testing; and service. In total, the company's revenues are projected to be approximately US$240 million in 2005.
"With an installed base of more than 70,000 instruments worldwide, Instron's brand name is highly valued and recognized as a leader in material testing," said David Speer, ITW's President and CEO. "We also are excited about the company's long-term growth potential and geographic span, with revenues almost evenly spread across the Americas, Europe and Asia."
Instron was founded in 1946 and was taken private through a sale to Kirtland Capital Partners in 1999. This acquisition by ITW, which has received US regulatory approval but also requires European regulatory approval, is expected to close by the end of October.
ITW is a diversified manufacturer of highly engineered components and industrial systems and has revenues of US$11.7 billion. The company consists of approximately 650 decentralised operations in 45 countries and employs some 49,000 people.
www.itw.com
ENDS