Clayton, Dubilier & Rice (CD&R) and Illinois Tool Works Inc. have announced an agreement under which ITW’s Decorative Surfaces business will become a new, independent company operating as Wilsonart International Holdings. ITW will retain an ongoing ownership stake.
Wilsonart’s business units manufacture and distribute high-pressure laminates (HPL) and other surfacing materials and components used in furniture, office and retail space, countertops, worktops and other applications. With 2011 revenue of $1.1 billion, the company operates under the Wilsonart, Resopal, Polyrey and Arborite brands, selling primarily through a network of distributors in North America and internationally.
“We believe this transaction creates a very strong foundation for Wilsonart to deliver continued industry-leading performance and are pleased to have ITW as our partner as we work with the Wilsonart management team to further build the value of the business,” said Nathan K. Sleeper, CD&R Partner.
Paul Pressler, a CD&R Operating Partner, will assume the role of interim CEO of Wilsonart upon the close of the transaction. “Wilsonart is extremely well-positioned for future growth,” said Pressler. “We look forward to working with the management team to expand globally, invest in industry-leading innovation, service and distribution capabilities, and provide rewarding career opportunities for employees.”
“We are pleased to be partnering with CD&R to establish the Decorative Surfaces business as a new, independent enterprise,” said David B. Speer, ITW’s chairman and CEO. “ITW’s continued ownership position reflects our confidence in CD&R’s business-building capabilities and strong belief in the prospects for the new business.”
