Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, is initiating a review process to explore strategic alternatives for its Industrial Packaging segment. The Industrial Packaging segment manufactures steel, plastic and paper products used for bundling, shipping and protecting transported goods.
The segment includes Signode, Strapex, Angleboard and Mima brands among others and had 2012 revenues of $2.4 billion.
"We are starting a process to explore strategic options for our Industrial Packaging segment, which may include a sale or spin-off of the business," said E. Scott Santi, president and chief executive officer. "We expect the review process will last through the remainder of 2013."
ITW is a global diversified industrial manufacturer of value-added consumables and specialty equipment with related service businesses.