Illinois Tool Works Acquires Chinese Food Equipment Business
GLENVIEW, Ill., July 3, 2013
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.
Contact: Alison Donnelly, +1-847-657-4565, firstname.lastname@example.org
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