GLENVIEW, Ill. – Illinois Tool Works Inc. (ITW) today announced that it has reached an agreement to acquire Shell SOPUS Products’ car care business, a leading automotive aftermarket consumer products portfolio. The parties expect the transaction to close in early 2011.
SOPUS Products’ Car Care business includes the appearance and performance chemical and windshield wiper blade brands of Pennzoil-Quaker State Company dba SOPUS Products, a subsidiary of Shell Oil Company. Terms of the transaction were not disclosed. This transaction is subject to regulatory approvals.
SOPUS Products’ Car Care business includes such well known brands as Rain-X, Black Magic and Gumout, among others.
"We believe this portfolio of car care products complements and augments our existing automotive aftermarket platform, which includes Permatex, Wynn’s and Slime," said David Parry, ITW vice chairman. "With this acquisition, ITW is well positioned to continue to expand its car care solutions for customers around the world."
Consumer investment banking firm Sawaya Segalas & Co. acted as exclusive financial adviser to SOPUS Products in connection with the transaction.
