"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.
Clayton, Dubilier & Rice To Invest In ITW's Decorative Surfaces Business
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