Illinois Tool buys Despatch Industries

GLENVIEW — Illinois Tool Works Inc., which makes industrial tools and products, said Monday that it has acquired Despatch Industries, which provides thermal processing equipment for the solar and thermal technology markets.

Terms of the deal were not disclosed.

Illinois Tool said Lakeville, Minn.-based Despatch was founded in 1902 and is expected to post sales of more than $200 million for this year. Its products include solar cell firing furnaces, carbon fiber process ovens, and batch thermal processing equipment.

Shares of Illinois Tool, which is based in Glenview, Ill., rose 6 cents to $57.03 in morning trading Monday.