Illinois Tool Works (ITW) Purchases Avery Weigh-Tronix
- 06 October 2008
- Company & Industry News
SMETHWICK, UK - SEPTEMBER 26, 2008 Avery Weigh-Tronix is pleased to announce today that Illinois Tool Works (ITW) has purchased the company from its current owners, European Capital. Said Andy Caffyn, CEO of Avery Weigh-Tronix, "We are delighted by this transaction. ITW will be an excellent long term owner for the business and we are a great fit to the existing businesses within the ITW Test and Measurement group."
Avery Weigh-Tronix is one of the largest industrial weighing companies in the world. Based in the West Midlands of the UK, it has manufacturing facilities in Minnesota and California, USA, Montreal Canada, Delhi, India, and Suzhuo, China and representation in over 70 countries around the world. Avery Weigh-Tronix is a market leader in the design, manufacture, installation and service of quality industrial weighing products, solutions, systems and software around the world.
Illinois Tool Works (ITW) is a Fortune 500, publicly traded company based in Chicago, USA. It is a diversified manufacturer of engineered products and specialty systems and it has over 825 operations in 52 countries.
Commented Caffyn, "That a company as strong and successful as ITW are excited about the prospect of purchasing Avery Weigh-Tronix simply reaffirms the hard work our employees have put in to create a great company and to grow our business. In a challenging economic climate, we continue to exceed our customers' expectations and our forecasts. The market has recognised our performance and customer service and this allows us to expand our reputation as a leading industry player."
Said Steve Martindale, Group President of ITW's Test and Measurement businesses, "Avery Weigh-Tronix is a high performing business, with outstanding management and employees, as well as an excellent reputation in the marketplace. The company will be a strong addition to the ITW's Test and Measurement group and we pleased to welcome them to the ITW family."
Added Caffyn, "ITW has a strong set of management tools which help its many businesses continue to grow and prosper. One of its guiding principles is to allow each business to operate independently as a stand-alone company. This means that it will remain business as usual for our customers and they will continue to receive the same high standard of service that Avery Weigh-Tronix is renowned for around the world.
Caffyn also added that there are no current plans for any corporate restructuring or facility moves. "We will continue to monitor closely our market and continue making decisions that are in the best long-term interest of the business. With a strong and supportive owner like ITW, we can truly enhance our reputation as a dominant player in the global weighing market."
For more information, please see http://www.averyweigh-tronix.com/ or http://www.itw.com/