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

|About: Illinois Tool Works Inc. (ITW)|By:, SA News Editor

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.