Illinois Tool Works Acquires Chinese Food Equipment Business
GLENVIEW, Ill., July 3, 2013 /PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today announced that it has acquired Gold Pattern Holdings from private equity firm Actis. Gold Pattern Holdings owns 100% of Vesta Global Ltd., which holds a 100% equity stake in Vesta (Guangzhou) Catering Co., Ltd. ("Vesta"). Vesta is a leading Western kitchen equipment manufacturer in China. Terms of the transaction were not disclosed.
Vesta's product portfolio is composed of Western cooking/warming equipment including fryers, griddles, convection ovens, modular cooking equipment, and combi ovens, sold under the brand name Justa. Key customers include four and five star hotels and chain restaurants. The company is headquartered in Guangzhou, China and operates two manufacturing facilities there, employing approximately 900 people in total.
"We are pleased to add Vesta to our global food equipment business," said ITW Executive Vice President Chris O'Herlihy. "This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network."
ITW is a Fortune 200 global diversified industrial manufacturer of value-added consumables and specialty equipment with related service businesses. The company focuses on solid growth and strong returns across its worldwide platforms and businesses. These businesses serve local customers and markets around the globe, with a significant presence in developed as well as emerging markets. ITW's pro forma revenues totaled $17.0 billion in 2012, with more than half of these revenues generated outside of the United States.
SOURCE Illinois Tool Works Inc.