Illinois Tool buys Chinese kitchen equipment co.

Illinois Tool Works acquires Chinese kitchen equipment maker

July 3, 2013 10:04 AM

GLENVIEW, Ill. (AP) -- Industrial products and equipment maker Illinois Tool Works Inc. said Wednesday that acquired a kitchen equipment maker that gives it access to China's cooking industry.

Illinois Tool bought the company, Vesta, from the private equity firm Actis for an undisclosed sum.

Vesta makes Western-style cooking equipment including fryers, griddles and ovens. It operates two manufacturing facilities and employs about 900 people in China, Illinois Tool said.

About 20 percent of Glenview, Ill.-based Illinois Tool's revenue came from the geographic division that includes Asia last year, up from 8 percent in 2011. The food equipment business made up about 11 percent of its revenue.

Shares dropped 89 cents, or 1.3 percent, to $68.29 in morning trading.  Illinois Tool buys Chinese kitchen equipment co.

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