Illinois Tool Works to Acquire SOPUS Products’ Car Care Business
GLENVIEW, Ill., Dec. 7, 2010 /PRNewswire-FirstCall/ — Illinois Tool Works Inc. (NYSE: ITW) today announced that it has reached an agreement to acquire Shell SOPUS Products’ car care business, a leading automotive aftermarket consumer products portfolio. The parties expect the transaction to close in early 2011. SOPUS Products’ Car Care business includes the appearance and performance chemical and windshield wiper blade brands of Pennzoil-Quaker State Company dba SOPUS Products, a subsidiary of Shell Oil Company. Terms of the transaction were not disclosed. This transaction is subject to regulatory approvals.
SOPUS Products’ Car Care business includes such well known brands as Rain-XÂ®, Black MagicÂ® and GumoutÂ®, among others. The portfolio offers vehicle owners a comprehensive range of products for improving windshield visibility, protecting and cleaning vehicles, and improving vehicle performance.
“We believe this portfolio of car care products complements and augments our existing automotive aftermarket platform, which includes Permatex, Wynn’s and Slime,” said David Parry, ITW vice chairman. “With this acquisition, ITW is well positioned to continue to expand its car care solutions for customers around the world.”
Sawaya Segalas & Co., LLC(1), a leading consumer investment banking firm, acted as exclusive financial adviser to SOPUS Products in connection with the transaction.
(1) Securities offered through Sawaya Segalas Securities, LLC
With $13.9 billion in 2009 revenues, ITW is a multi-national manufacturer of a diversified range of value-adding and short-lead time industrial products and equipment. The Company consists of nearly 800 business units in 57 countries and employs approximately 59,000 people.
SOURCE Illinois Tool Works Inc.