Illinois Tool Works acquired Premark International, Inc., a transaction completed in November 1999, structured as all stock. The deal was a Merger.
Premark International, Inc. operates in Food Equipment; Decorative Surfaces; Consumer Products. Premark International was a developer, manufacturer and marketer of brand-name products across three categories: food equipment (commercial cooking, warewashing and food preparation equipment), decorative products (high-pressure laminate and related decorative surfaces), and consumer products. The combination significantly expanded ITW's food-equipment and decorative-surfaces platforms. The merger was accounted for as a pooling-of-interests.
Under the Agreement and Plan of Merger dated September 9, 1999, CS Merger Sub Inc., a wholly owned subsidiary of ITW, merged into Premark, causing Premark to become a wholly owned subsidiary of ITW. Each outstanding share of Premark common stock was converted into the right to receive 0.8081 of a share of ITW common stock.
Food Equipment and Decorative Surfaces segments
Advisory firms were not disclosed for this transaction.