Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, has acquired Despatch Industries, Lakeville, MN. Terms of the transaction were not disclosed.
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With full-year 2011 revenues expected to exceed $200 million, Despatch Industries is a manufacturer of thermal processing equipment for the solar, carbon fiber and other thermal technology markets.
\”We are excited about this acquisition as the company’s core thermal technology aligns well with certain of our other existing electronics equipment businesses,\” said Steve Martindale, ITW executive vice president. \”As a leader in thermal processing, Despatch provides us with immediate access to attractive and high growth industries such as solar and carbon fiber as well as the opportunity to extend sales of certain of our existing products into these new markets.\”
ITW’s revenues totaled $15.4 billion in 2010.
