"We are pleased to be partnering with CD&R to establish the Decorative Surfaces business as a new, independent enterprise," said David B. Speer, ITW's chairman and chief executive officer. "ITW's continued ownership position reflects our confidence in CD&R's business-building capabilities and strong belief in the prospects for the new business."
CD&R's record of creating independent businesses from former divisions of larger corporations includes, most recently, Hussmann International, formerly a division of Ingersoll Rand, and Atkore International, formerly Tyco International's Electrical and Metal Products business.
CD&R has obtained committed financing from Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank, Goldman Sachs Bank USA, Morgan Stanley, and UBS Investment Bank. Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley and UBS Investment Bank acted as financial advisors, and Debevoise & Plimpton LLP acted as legal advisor to CD&R in connection with the transaction.
About Clayton, Dubilier & RiceFounded in 1978, Clayton, Dubilier & Rice is a private equity firm with an investment strategy predicated on producing financial returns through building stronger, more profitable businesses. Since inception, CD&R has managed the investment of over $18 billion in 52 U.S. and European businesses with an aggregate transaction value of more than $80 billion. For more information, please visit www.cdr-inc.com.About Wilsonart International Holdings, LLCITW Decorative Surfaces, which will be renamed Wilsonart International Holdings, LLC upon the close of the transaction, is one of the world's leading manufacturers and distributors of high pressure laminates and other fine surfacing materials and components used in furniture, office and retail space, countertops, worktops and other applications. With 2011 revenue of $1.1 billion, the company operates under the Wilsonart, Resopal, Polyrey and Arborite brands. The company has achieved success through a combination of outstanding service, high-quality products and a focus on continuously redefining the laminate surface through improved performance and aesthetics. For more information, visit www.WilsonartFuture.com/AboutUs. Contacts: Clayton, Dubilier & Rice Thomas C. Franco+1 (212) 407 5225 email@example.com Daniel G. Jacobs+1 (212) 407 5218 firstname.lastname@example.org