Fourth-quarter sales decline 1.4 percent year-over-year
Latest In Illinois Tool Works
LPS, ITW Professional Brands and Atlantic Mills have combined their product portfolios to create the new business unit.
ITW sells industrial packaging segment for $3.2 billion.
Profit for the diversified manufacturer fell 21 percent.
Illinois Tool Works announced it was selling the industrial packaging segment earlier this year.
CEO: Shift is part of ITW's increasing focus on organic growth.
North American organic revenues fall 1.4 percent in the quarter for ITW.
North American organic revenues decreased 1 percent.
Vesta Catering manufactures cooking and warming equipment.
Executive: Hope for recovery in second half of 2013 fading.
Acquisition will reinforce position in workholding solutions for machine tools.
The enterprise initiative is expected to reduce the number of businesses operated by ITW from 600+ to fewer than 150.
The manufacturer is continuing its portfolio management initiative with a strategic review of its Industrial Packaging segment.
The segment manufactures paper products used for protecting transported goods.
ITW forecasts "modest growth" in 2013 across all its geographies.
E. Scott Santi, who has served as acting CEO since Speer's medical leave of absence in October, will take on the formal role.
Total sales for ITW rose 0.9 percent organically versus the prior-year period.