ITW Gets $1 Billion For Majority of Wilsonart
“Wilsonart is extremely well-positioned for future growth,” said CD&R’s Pressler. “We look forward to working with the management team to expand globally, invest in industry-leading innovation, service and distribution capabilities, and provide rewarding career opportunities for employees.”
Wilsonart began as Ralph Wilson Plastics Co. (RWP) in 1956 with one 4’ X 12’ laminate press in Temple, Texas. The company expanded and went public in 1964; Rexall Drug and Chemical bought the firm in 1966. Dart and Kraft Inc., Rexall’s successor, spun Wilsonart and other RWP surfaces off as part of the creation of Premark in 1986; RWP became Wilsonart International Inc. in 1995.
ITW’s Decorative Surfaces segment results will continue to be reported in the company’s operating income for the third quarter of 2012. Upon completion of the transaction, ITW’s ownership interest in the decorative surfaces businesses will be reported using the equity method of accounting and ITW will adjust its full-year forecast accordingly.
CD&R obtained committed financing from Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank, Goldman Sachs Bank USA, Morgan Stanley, and UBS Investment Bank. Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley and UBS Investment Bank acted as financial advisors, and Debevoise & Plimpton LLP acted as legal advisor to CD&R in connection with the transaction.
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