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GLENVIEW, Ill. - Illinois Tool Works Inc., which manufactures industrial packaging products, food equipment and construction products, said Friday it bought Britain's Avery Weigh-Tronix, which makes industrial weighing products.
| ITW | 30.49 |  1.45 |
Financial terms were not disclosed.
Illinois Tool said it would maintain the Avery brand and run it as a separate business. It said Avery was attractive for its global reach and premium brand position.
Avery, which is based in Birmingham, England, has operations in North America, Europe and Asia, including India and China. About 40 percent of its revenue comes from North America and 40 percent from the United Kingdom and Ireland.
Last year, Illinois Tool bought Avery's retail arm, Avery Berkel.
Glenview-based Illinois Tool had revenue of $16.17 billion last year.
Shares of Illinois Tool fell 67 cents to $44.10 in midday trading.
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