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Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, has agreed to divest a 51 percent stake in its Decorative Surfaces segment, consisting of Wilsonart and related international businesses, to private equity firm Clayton, Dubilier & Rice, LLC. ITW will receive $1.05 billion in cash and will retain a 49 percent interest.
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In 2011, the Decorative Surfaces segment had revenues of $1.1 billion. Located in North America, Europe and Asia, the segment manufactures and distributes laminate and work surface products for the construction market. The business will become a new, independent company operating as Wilsonart International Holdings, LLC.