Illinois Tool Works (ITW, Glenview, Illinois / USA; www.itw.com) is to divest a 51% stake in its decorative surfaces segment, consisting of countertop, floor and adhesive manufacturing unit Wilsonart International (Temple, Texas / USA; www.wilsonart.com) and related international businesses, to a fund managed by private equity investment firm Clayton, Dubilier & Rice (CD&R, New York, New York / USA; www.cdr-inc.com). ITW initially announced its intention to sell the business in 2008 – see Plasteurope.com of 22.08.2008.

ITW will receive cash proceeds of approximately USD 1.05 bn and will retain a 49% equity interest in the business. CD&R will invest USD 395m and the remainder of the proceeds will be provided by borrowing by the new company.