Illinois Tool Buys Chinese Kitchen Equipment Co.
GLENVIEW, Ill. (AP) — Industrial products and equipment maker Illinois Tool Works Inc. said Wednesday that it 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.