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ITW to Acquire Speedline Technologies
November 8, 2006 |Estimated reading time: 1 minute
FRANKLIN, Mass. Illinois Tool Works (ITW Glenview, Ill.) has signed a definitive agreement to acquire Speedline Technologies, Inc., from KPS Special Situation Funds, according to a company press release. Terms of the transaction were not disclosed and are subject to normal regulatory approvals.
"As of now, it's business as usual; there are no changes," said Keith Favre, vice president, product marketing and business development, Speedline Technologies. "Once the deal closes, we expect that we will implement ITW's best practices into our business. With this, we will be able to invest in our company and grow to the next step," he added.
"ITW has a great foundation in engineered products-based business units, which is a great fit for the Speedline portfolio of products," said Pierre de Villemejane, Speedline's chief executive officer (CEO). "With strong market position and great name recognition across all of our brands, Speedline increases the overall shareholder value. Applying ITW's business strategies, which are centered upon 80/20 methodologies, Speedline will become a stronger, more focused business unit," added de Villemejane.
ITW is a $12.8 billion-in-revenues diversified manufacturer of highly engineered components and industrial systems and consumables. The company recently acquired Des Plaines, Ill.-based Kester in July 2006. Speedline Technologies designs, manufactures, and supports equipment used in the assembly of PCBs and semiconductor packages.