Santi, a director of W.W. Grainger, will also serve as acting CEO.
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Clayton, Dubilier & Rice, the private equity firm buying the segment, will pay $1.05 billion.
North American revenues for ITW were up 5.3 percent.
Some segments saw 20%+ increases in sales.
Organic sales grew 6 percent in the three-month period.
Full-year 2011 revenues for Despatch are expected to be $200 million.
Graco will buy the businesses.
Organic revenues for the diversified manufacturer increased 9%.
ITW agrees to buy Shell SOPUS Products' car care business.
Revenue growth for the diversified manufacturer driven by a broad increase in demand in consumer and industrial end markets.
ITW sees strength in automotive OEM, polymers and fluids, industrial packaging, and PC board fabrication.
Consumer confidence, dealer incentives have pushed auto sales to recent highs.
Overall operating revenues for the diversified manufacturer increased 10%.
Improvement from fourth quarter due to easier January comparisons and improvement in North American automotive OEM end market.
Base revenues for the diversified manufacturer declined 10%.
ITW sector revenues varied, but all were down from the previous period.
Base revenues for the diversified manufacturer declined 17% in the three-month period.