Illinois Tool works Inc. (NYSE:ITW) on Wednesday
acquired the assets of Hartness International. The target makes conveyor systems and line automation for the food and beverage industries and will operate as an independent subsidiary of ITW's consumer packaging group.
The deal comes a few months after ITW chief executive David Speer
predicted a thaw in the M&A market. At the time, ITW had completed at least six acquisitions for the year. That sounds relatively robust in this economy, but it marked a considerable decline in deals for the highly acquisitive firm. In 2008, for instance, ITW acquired 50 companies. And over the years, it has aggressively expanded through acquisitions. Today it operates more than 850 businesses in 54 countries.
That ITW has continued to do deals through the downturn, even if it has been at a highly reduced rate, won it a mention in the book "Winning in Turbulence." Author Ted Rouse, co-head of global M&A for Bain & Co., told us in October that ITW was on
his list of serial acquirers that do smart deals during economic booms and busts. -
Suzanne Stevens
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