Illinois Tool Works Inc. announced it has closed on the agreement 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 (CD&R).
ITW announced plans to sell a majority of its Decorative Surfaces segment to Clayton, Dubilier & Rice. ITW will receive approximately $1.05 billion in cash, derived from a $395 million CD&R equity investment and borrowing by the new company.