Glenview, Ill.-based Illinois Tool Works Inc. has acquired the assets of Trymer the polyisocyanurate rigid foam business of Midland, Mich.-based Dow Chemical Co.'s building solutions unit for an undisclosed sum.
ITW will own and operate Trymer's manufacturing assets at Dow's La Porte, Texas, site, which includes multiple plants and operations.
Trymer polyiso foam is used in pipe and mechanical insulation, panel insulation, and floral and craft applications. Trymer will join ITW's industrial packaging segment, spokeswoman Alison Donnelly said July 16 by phone.
``The Trymer acquisition is our first PIR business for cold applications, but we have perlite business for hot insulation. The acquisition fits well in our current portfolio of businesses and broadens the current segment,'' she said.
Industrial packaging accounts for about 15 percent of ITW's business. The firm sold $16.2 billion worth of goods in 2007.
In a news release, Torsten Kraef, president and general manager of Dow Business Solutions, said ITW is well-positioned to help the Trymer business grow. Kraef said Dow continues to focus on building and construction markets where it holds a leadership position.
ITW is made up of about 825 business units in 52 countries and employs about 60,000.
The firm will continue to seek strategic acquisitions, Donnelly said. In 2006 and 2007, ITW acquired more than 100 companies. The average price of each deal was about $30 million, she said.