GLENVIEW, Ill. Illinois Tool Works Inc. has completed the previously announced sale of its Industrial Packaging segment to The Carlyle Group for $3.2 billion, subject to customary post-closing adjustments.
In September 2013, the company announced that it intended to utilize its existing share repurchase authorization to repurchase approximately 50 million shares in order to fully offset the divestiture-related EPS dilution. The company has repurchased approximately 33 million shares through the first quarter of 2014 and plans to substantially complete the share repurchase program by June 30, 2014.