Some serial acquirers say the recession is creating rare opportunities for them to buy attractive targets at bargain prices.
But not Illinois Tool Works Inc. CEO David Speer, who in 2008 oversaw the acquisition of 50 companies that added a total of $1.5 billion in revenue to the diversified manufacturer. Dow Jones reports that Speer (pictured) told analysts Thursday he expects to
acquire companies with total sales of only $400 million to $600 million in 2009. The reason: Sellers don't want to sell at the depressed prices their businesses currently fetch.
Which could be sort of a ray of economic sunshine, couldn't it? The implication is that many of the sellers Speer deals with -- who include both big companies doing
divestitures, like SPX Corp., and owners of smaller private businesses -- are not so stressed that they are forced to sell.
At least not yet. Speer also noted that "the acquisition world is a bit hard to predict." -
Kenneth Klee
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