Illinois Tool Works Inc. (ITW) has recently acquired Teknek for an undisclosed amount. The world leader in contact sheet cleaning and web cleaning solutions will be integrated with ITW's Electrostatics business platform, within the Electronics Group.
Teknek primarily serves the electronic and industrial markets where surface contamination is a major issue. Teknek's contact cleaning technology (Nanocleen technology) is widely used in many critical processes such as printed circuit board assembly, printing, and converting.
Illinois Tool Works has a solid history of delivering strong growth through acquisitions as each completed acquisition facilitates expansion in unexplored markets, strengthening the company's footholds in existing markets and product line. The acquisition of Teknek will enable ITW to fortify its Electronics business and leverage from its strong customer base and brand power.
In the last reported quarter, the company completed 6 acquisitions for a total consideration of $556 million and acquired revenues of approximately $329 million. The company aims at generating revenue of $800 million to $1 billion in the fiscal year 2011 through acquisitions.
Illinois Tool is scheduled to release its second quarter of 2011 results on July 26, 2011. Zacks Consensus estimate for the quarter is $1.03, representing a year-over-year growth of 24.10%. Estimate for the fiscal year 2011 is $3.95 and for the fiscal year 2012 is $4.60, up 30.22% and 16.47%, respectively.
Illinois Tool Works is one of the leading manufacturers of industrial products and equipment. Other players in the industry competing with Illinois Tool include Cooper Industries plc (CBE), General Electric Co. (GE), and Manitowoc Co. Inc. (MTW).
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