Industrial manufacturing firm Illinois Tool Works Inc. (ITW) has acquired Despatch Industries, a provider of thermal processing equipment, such as furnaces for the solar cell fabrication process.
‘We are excited about this acquisition, as the company's core thermal technology aligns well with certain of our other existing electronics equipment businesses,’ says Steve Martindale, ITW's executive vice president. ‘As a leader in thermal processing, Despatch provides us with immediate access to attractive and high-growth industries, such as solar.’
ITW's revenues totaled $15.4 billion in 2010, the company says. Financial details of the Despatch acquisition were not disclosed.