GLENVIEW, Ill. — Illinois Tool Works (ITW) announced that its board of directors has authorized a plan to begin the divestiture process for several businesses including the Decorative Surfaces segment — consisting of the Wilsonart and related laminate businesses — and the Click Commerce industrial software business. ITW has retained Goldman Sachs to advise on the divestiture process for the Decorative Surfaces units.
Wilsonart was acquired in 1999 by ITW as part of the Premark International transaction. In 2007, the decorative surfaces segment had revenues of $1.2 billion and operating margins of 13 percent. Founded in 1956, Wilsonart manufacturers and distributes a variety of custom construction products for commercial, residential and renovation applications. Products include decorative laminate, solid surface, flooring, decorative materials, adhesives and custom edges. The group has 16 business units worldwide with the majority of revenues based in North America. International businesses, represented by the Wilsonart, Polyrey and Resopal brand names are located in France, Germany, United Kingdom, Thailand and China.
Acquired by ITW in October 2006, Click Commerce is a supplier of software solutions and consulting services to a number of large, international companies. With 2007 revenues of $67 million, Click Commerce offers solutions in key categories such as supply chain and parts optimization, clinical research, contingent labor management and commerce.
ITW said that it plans to reclassify these businesses to discontinued operations in the third quarter of 2008.
