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Thursday, 08/16/2012 12:26:10 PM

Thursday, August 16, 2012 12:26:10 PM

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9:54 AM Illinois Tool Works (ITW +1.5%) plans to divest a 51% stake in its decorative surfaces segment, consisting of Wilsonart and related international businesses, to a fund managed by Clayton, Dubilier & Rice. Through a combination of CD&R's $395M equity investment and borrowing by the new company, ITW will receive cash proceeds of ~$1.05B and retain a 49% interest in the business.

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