Reuters: Mergers News: UPDATE 1-Graco to sell part of finishing assets, settles with FTC

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UPDATE 1-Graco to sell part of finishing assets, settles with FTC May 31st 2012, 17:01 Tweet Share this Email Print Related Topics Stocks » M&A » Markets » Industrials » Technology » Thu May 31, 2012 1:01pm EDT * Graco had bought finishing business for $650 mln * FTC said in December it would challenge the deal * Settlement allows Graco to keep part of the business WASHINGTON, May 31 (Reuters) - Graco Inc will be forced to sell off part of the finishing business it bought from Illinois Tool Works, according to a settlement announced by the Federal Trade Commission on Thursday. The FTC said in December it planned to file a complaint against Graco's plan to buy the finishing business for $650 million in cash. Graco and Illinois Tool Works are two of only three companies in the United States to make equipment that applies paint and other finishes to a broad range of manufactured goods. The settlement will require Graco to sell off the liquid finishing business within 180 days, but will allow it to retain other parts of the finishing business. The FTC has withdrawn its legal challenge to the deal. Graco had completed the sale in April, during ongoing talks with the FTC. Minneapolis-based Graco purchased Illinois Tool Works finishing business to increase its presence in the international markets. Graco did not respond to a telephone call seeking a comment. Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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