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Article updated: 11/1/2012 11:41 AM

ITW completes sale of majority interest of Wilsonart division

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By PRNewswire

Glenview-based Illinois Tool Works Inc competed its plan to divest a 51 percent stake in its Decorative Surfaces segment, consisting of Wilsonart and related international businesses, to a fund managed by Clayton, Dubilier & Rice LLC.

ITW will receive approximately $1.05 billion and will retain a 49 percent equity interest in the business.

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ITW's ownership interest in the businesses will be reported using the equity method of accounting. The current fourth quarter and full-year 2012 forecast excludes the expected after-tax gain from the transaction.

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