Graco Inc. (NYSE:GGG), a leading manufacturer of fluid handling equipment, announced today that it has signed a definitive agreement to sell the Liquid Finishing business assets that were purchased as part of Graco’s acquisition of the Finishing Brands business from Illinois Tool Works (ITW) on April 2, 2012. The $590 million cash transaction with Carlisle Companies Incorporated (NYSE:CSL) is anticipated to close no later than the first quarter of 2015 and is subject to regulatory approval and other customary closing conditions. The divestiture is expected to be in compliance with the final Decision and Order that the United States Federal Trade Commission (FTC) approved on Monday, October 6, 2014, which requires the Company to complete a sale of the Liquid Finishing business assets within 180 days of the Decision and Order.
The Liquid Finishing business assets included in the sale to Carlisle are those involved in the development, manufacture and sale of Binks® spray finishing equipment, DeVilbiss® spray guns and accessories, Ransburg® electrostatic equipment and accessories, and BGK curing technology, all of which Graco is required to divest under the Decision and Order. The 2012 acquisition of Finishing Brands from ITW also included Gema®, a global leader in powder coating technology, which passed review by the FTC and is now part of Graco. No other Graco businesses or assets are included in the transaction with Carlisle.
Source: Press Release
We had previously covered Graco last week: “Graco (GGG) Receives Order from the FTC to Divest Liquid Finishing Business Assets”
