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<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Illinois Tool Works Inc. (NYSE: ITW), of Glenview, IL. has signed a definitive agreement to acquire Speedline Technologies, Inc., a leading provider in process knowledge and expertise for the printed circuit board assembly and semiconductor packaging industries, from KPS Special Situation Funds. Terms of the transaction were not disclosed and are subject to normal regulatory approvals. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Based in Franklin, Massachusetts, Speedline designs, manufactures and supports a variety of equipment used in the assembly of printed circuit boards and semiconductor packages. Speedline products are used in the electronics manufacturing industry throughout the world, supplying its customers with best in class performance and lowest cost of ownership.
Pierre de Villemejane, Speedline's Chief Executive Officer, believes the acquisition of Speedline by ITW will enable Speedline to improve its ability to continue providing advanced, innovative products to its customers worldwide. "ITW has a great foundation in engineered products-based business units, which is a great fit for the Speedline portfolio of products. 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."
ITW is a $12.8 billion in revenues diversified manufacturer of highly engineered components and industrial systems and consumables. The Company consists of approximately 700 business units in 48 countries and employs approximately 50,000 people.