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Illinois
Tool Works to acquire Texwipe Company
The
acquisition will strengthen ITW’s product offering in contamination
control supplies
Illinois
Tool Works Inc. and The Texwipe Company LLC recently announced the
signing of a definitive Asset Purchase agreement under which ITW
will acquire Texwipe. The transaction is expected to close by the
end of June 2001.
Founded in 1963 by the Paley family, Texwipe designs, manufactures
and markets specialised products, including contamination control
supplies and process materials for use in critical manufacturing
environments. Texwipe has successfully built its brand name and
ongoing relationships with leading companies in each of its served
end-markets, including the semiconductor, data storage, medical
device, pharmaceutical, biotechnology, food processing, fiber optic,
aerospace and automotive markets. Texwipe’s broad product line
includes wipers, swabs, sterile and non-sterile cleaning solutions,
mops, face masks, stationery, PVA brushes and tape substrates.
Backed by ITW’s size and global reach, Texwipe will be able
to continue its growth plans. ‘‘We are excited to be a
part of the ITW team and look forward to continuing our programs
in contamination control supplies, expanding our product offerings
in process materials and broadening our global reach with access
to ITW’s resources,’’ said Edward Paley, Texwipe
founder and chairman of the Board.
‘‘Texwipe’s
customers and employees will benefit from the financial strength
and operational breadth that ITW brings to our company.’’
The acquisition will strengthen ITW’s product offering in contamination
control supplies, allowing it to further penetrate the industry.
‘‘We look forward to continuing Texwipe’s product
and technology programs to enhance our existing presence in cleanroom
manufacturing environments,’’ said Richard E Dodge, VP
ITW Fluid Products.
Terms of this transaction were not disclosed. Lehman Brothers advised
Texwipe in this transaction. ITW is a $10 billion diversified manufacturer
of highly engineered components and industrial systems. The company
consists of approximately 600 decentralised operations in 43 countries
and employs 55,000 people.
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