ITW to buy iconic Shell car care brands
Illinois Tool Works Inc. (ITW) is set to buy Shell's US care care product range in a deal expected to complete in early 2011.
The buyout, for an undisclosed sum, will see ITW absorb Shell's Sopus product range, which includes the inconic Slick 50 engine oil additive, Black Magic liquid wax panel cleaner, Gumout fuel system cleaner and Pennzoil and Quaker State windscreen wipers.
Although Sopus annual sales figures were not stated in the announcement, Shell acquired the brands some eight years ago as part of a $1.8bn buyout of Pennzoil-Quaker State.
ITW is aiming its sights at the car care industry, which it believes is set to reach $1.5bn by 2015 and is looking for further acquisitions in the sector. ITW recorded revenues of $13.9bn in 2009 for its wide range of industrial products and equipment. The company currently employs some 59,000 staff across 57 countries.
Published 22nd December, 2010
