Illinois Tool buys Chinese kitchen equipment co.
Illinois Tool Works acquires Chinese kitchen equipment maker
July 3, 2013 10:04 AM
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.
Orginal Article from: http://news.yahoo.com/illinois-tool-buys-chinese-kitchen-133413344.html