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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 1, 2014
_________________________
ILLINOIS TOOL WORKS INC.
(Exact name of registrant as specified in its charter)
Delaware
1-4797
36-1258310
(State or other jurisdiction of incorporation)
(Commission File No.)
(I.R.S. Employer Identification No.)
3600 West Lake Avenue, Glenview, IL
60026-1215
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: 847-724-7500
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets
On May 1, 2014, Illinois Tool Works Inc. (the “Company”) and certain of its subsidiaries completed the sale of its
Industrial Packaging segment (the “Business”) to Vault Bermuda Holding Co. Ltd. (the “Buyer”), an entity formed by
affiliates of The Carlyle Group, pursuant to the terms of that certain Stock Purchase Agreement, dated as of February 6,
2014 (the “Purchase Agreement”), among the Company, certain of its subsidiaries and the Buyer. Under the terms of the
Purchase Agreement, the Buyer purchased all of the outstanding equity interests of each of the IPG Transferred Entities
(as defined in the Purchase Agreement) and certain related equity and other interests (the “Transaction”), for $3.2 billion
in cash, subject to customary adjustments set forth in the Purchase Agreement.
The Purchase Agreement is incorporated by reference as Exhibit 2.1 to this Current Report on Form 8-K. The foregoing
description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the
Purchase Agreement.
The representations, warranties and covenants set forth in the Purchase Agreement have been made only for the purposes
of the Purchase Agreement and solely for the benefit of the parties thereto and may be subject to limitations agreed upon
by the contracting parties, including being qualified by confidential disclosures made for the purpose of allocating
contractual risk between the parties to the Purchase Agreement rather than establishing these matters as facts. In addition,
such representations and warranties were made only as of the dates specified in the Purchase Agreement and information
regarding the subject matter thereof may change after the date of the Purchase Agreement. Accordingly, the Purchase
Agreement has been filed to provide information regarding its terms and not to provide factual information regarding the
Company or its business as of the date of the Purchase Agreement or as of any other date.
Item 7.01 Regulation FD Disclosure
On May 1, 2014, the Company issued a press release announcing completion of the Transaction, a copy of which is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number
2.1
Exhibit Description
Stock Purchase Agreement, dated as of February 6, 2014, between Illinois Tool Works Inc. and
certain of its subsidiaries and Vault Bermuda Holding Co. Ltd., filed as Exhibit 2.1 to the
Company’s Current Report on Form 8-K dated February 12, 2014 (Commission File No.
1-4797) and incorporated herein by reference.
99.1
Press Release issued by Illinois Tool Works Inc., dated May 1, 2014 (furnished pursuant to Item
7.01 but not filed).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
ILLINOIS TOOL WORKS INC.
Dated: May 1, 2014
BY:
/s/ Maria C. Green
Name: Maria C. Green
Title: Senior Vice President, General Counsel & Secretary
EXHIBIT 99.1
ITW Completes Sale of its Industrial Packaging Segment to
The Carlyle Group for $3.2 Billion
GLENVIEW, Ill., May 1, 2014 – Illinois Tool Works Inc. (NYSE: ITW) today announced that it 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.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements regarding the amount and timing of share repurchases. These statements
are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from those
anticipated. Important factors that could cause actual results to differ materially from the company's expectations are set
forth in ITW's 2013 Annual Report on Form 10-K.
ITW is a Fortune 200 global diversified industrial manufacturer of value added consumables and specialty equipment with
related service businesses. The company focuses on solid growth, improving profitability and strong returns across its
worldwide platforms and businesses. These businesses serve local customers and markets around the globe, with a
significant presence in developed as well as emerging markets. ITW's revenues totaled $14.1 billion in 2013.
SOURCE Illinois Tool Works Inc.
Alison Donnelly, 847-657-4565 or [email protected]