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Reuters: Illinois Tool Works industrial pack unit could be divested for $3B+

  • Illinois Tool Works (ITW -0.3%) will enter a second round of bidding for its industrial packaging unit with P-E firms Carlyle, Blackstone, Apollo Global, Bain, Ares Management, and a consortium of Onex and the Canada Pension Plan Investment Board with the intent to hammer out a deal that could fetch more than $3B for the ops, Reuters reports.
  • The unit, which had revenue of ~$2.4B in 2012, was put on the market back in Sept.
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