Fourth-quarter sales decline 1.4 percent year-over-year
Latest In Illinois Tool Works
LPS, ITW Professional Brands and Atlantic Mills have combined their product portfolios to create the new business unit.
ITW sells industrial packaging segment for $3.2 billion.
Profit for the diversified manufacturer fell 21 percent.
Illinois Tool Works announced it was selling the industrial packaging segment earlier this year.
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CEO: Shift is part of ITW’s increasing focus on organic growth.
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North American organic revenues fall 1.4 percent in the quarter for ITW.
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North American organic revenues decreased 1 percent.
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Vesta Catering manufactures cooking and warming equipment.
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Executive: Hope for recovery in second half of 2013 fading.
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Acquisition will reinforce position in workholding solutions for machine tools.
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The enterprise initiative is expected to reduce the number of businesses operated by ITW from 600+ to fewer than 150.
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The manufacturer is continuing its portfolio management initiative with a strategic review of its Industrial Packaging segment.
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The segment manufactures paper products used for protecting transported goods.
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ITW forecasts “modest growth” in 2013 across all its geographies.
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E. Scott Santi, who has served as acting CEO since Speer’s medical leave of absence in October, will take on the formal role.
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Total sales for ITW rose 0.9 percent organically versus the prior-year period.
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