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Glenview, IL – July 10, 2008
Illinois Tool Works Inc. (NYSE: ITW) today announced that it has acquired the assets of TRYMER™ polyisocyanurate (PIR) rigid foam business. The TRYMER plant is based in LaPorte, Texas and manufactures PIR foam used in pipe and mechanical insulation, panel insulation, and floral and craft among other applications. The agreement also includes a provision for Dow to exclusively supply ITW with extruded polystyrene (XPS) pipe insulation billets for the mechanical insulation market. Terms of the transaction were not disclosed.
TRYMER will be a wholly owned business unit of ITW and part of the company's industrial packaging group. In accordance with ITW's decentralized business structure, TRYMER will maintain its brand name and operate as a separate business.
"TRYMER is an ideal strategic fit in our growing global insulation business," said Larry Keiner, vice president and general manager of ITW Insulation Systems." The acquisition of TRYMER and the opportunity to supply XPS will broaden our mechanical insulation segment and enable us to offer customers a wide range of high quality products and solutions."
ITW Insulation Systems manufactures aluminum and stainless steel jacketing, sheets, elbows and accessory items under the Pabco/Childers brand name and perlite pipe insulation under the Temperlite brand name for applications in refineries, power plants, chemical facilities and LNGs. The company markets a broad range of products exclusively to insulation distributors/fabricators and global contractors.
With $16.2 billion in revenues, ITW is a diversified and value-added manufacturer of highly engineered components and industrial systems and consumables. The Company consists of approximately 825 business units in 52 countries and employs some 60,000 people.
Contact: Alison Donnelly, 847-657-4565 or adonnelly@itw.com
