Illinois Tool Works to acquire Texwipe Company
Illinois Tool Works Inc. and The Texwipe Company LLC recently announced the signing of a definitive Asset Purchase agreement under which ITW will acquire Texwipe. The transaction is expected to close by the end of June 2001.
Founded in 1963 by the Paley family, Texwipe designs, manufactures and markets specialized products, including contamination control supplies and process materials for use in critical manufacturing environments. Texwipe has successfully built its brand name and ongoing relationships with leading companies in each of its served end-markets, including the semiconductor, data storage, medical device, pharmaceutical, biotechnology, food processing, fiber optic, aerospace and automotive markets. Texwipe's broad product line includes wipers, swabs, sterile and non-sterile cleaning solutions, mops, face masks, stationery, PVA brushes and tape substrates.
Backed by ITW's size and global reach, Texwipe will be able to continue its growth plans. "We are excited to be a part of the ITW team and look forward to continuing our programs in contamination control supplies, expanding our product offerings in process materials and broadening our global reach with access to ITW's resources," said Edward Paley, Texwipe founder and Chairman of the Board. "Texwipe's customers and employees will benefit from the financial strength and operational breadth that ITW brings to our company."
The acquisition will strengthen ITW's product offering in contamination control supplies, allowing it to further penetrate the industry. "We look forward to continuing Texwipe's product and technology programs to enhance our existing presence in cleanroom manufacturing environments," said Richard E. Dodge, VP ITW Fluid Products.
Terms of this transaction were not disclosed. Lehman Brothers advised Texwipe in this transaction.
ITW is a $10 billion diversified manufacturer of highly engineered components and industrial systems. The company consists of approximately 600 decentralized operations in 43 countries and employs 55,000 people.
Source: Illinois Tool Works Inc.
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