Illinois Tool Works (ITW +1.5%) plans to divest a 51% stake in its decorative surfaces segment,...

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

Illinois Tool Works (ITW +1.5%) plans to divest a 51% stake in its decorative surfaces segment, consisting of Wilsonart and related international businesses, to a fund managed by Clayton, Dubilier & Rice. Through a combination of CD&R's $395M equity investment and borrowing by the new company, ITW will receive cash proceeds of ~$1.05B and retain a 49% interest in the business.