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Diversified manufacturer Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, has agreed to sell its finishing group of businesses to Graco Inc. for $650 million in cash.
The sale is not expected to be complete until June 2011.
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ITW's finishing equipment businesses consist of paint spray systems and technologies for a variety of industrial end markets and applications around the world. Key businesses include Gema, Ransburg, DeVilbiss, BGK and Binks. These businesses are in wet industrial finishing as well as powder paint equipment and drying technologies. The finishing businesses revenues were $305 million in 2010.