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ITW - Illinois Tool Works Inc News Story

$238.5 0.6  0.2%

Last Trade - 14/05/21

Sector
Industrials
Size
Large Cap
Market Cap £53.45bn
Enterprise Value £57.32bn
Revenue £9.14bn
Position in Universe 169th / 6846

ITW to Acquire MTS Test & Simulation Business From Amphenol

Tue 19th January, 2021 1:00pm
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GLENVIEW, Ill. and WALLINGFORD, Conn., Jan. 19, 2021 (GLOBE NEWSWIRE) --
Illinois Tool Works Inc. (NYSE: ITW), a global multi-industrial manufacturing
leader, and Amphenol Corporation (NYSE: APH), a leading global provider of
high-technology interconnect, antenna and sensor solutions, today announced
that they have entered into an agreement under which ITW will acquire MTS
Systems Corporation’s (Nasdaq: MTSC) Test & Simulation business, following
the closing of Amphenol’s acquisition of MTS.

“MTS’s Test & Simulation business is highly complementary to our existing
Test & Measurement and Electronics business and positions us in new and
attractive industry verticals,” said E. Scott Santi, ITW’s Chairman and
CEO. “This acquisition continues our strategy of driving solid growth and
best-in-class returns in businesses where highly innovative, customer-focused
solutions are required. We look forward to welcoming the MTS Test & Simulation
team to ITW.”

R. Adam Norwitt, Amphenol’s President and CEO, said, “After reviewing the
MTS Test & Simulation business and evaluating a range of options to ensure its
future success while maximizing value for Amphenol shareholders, we determined
that selling it to ITW, with ITW’s complementary capabilities and strategic
focus, is the best outcome for all parties. We look forward to completing the
acquisition of MTS in the coming months, welcoming the talented MTS Sensors
team to the Amphenol organization, and completing the sale of MTS’s Test &
Simulation business to ITW.”

Amphenol’s acquisition of MTS is expected to close by the middle of 2021,
subject to certain regulatory approvals, approval from MTS’s shareholders
and other customary closing conditions. ITW’s acquisition of the MTS Test &
Simulation business from Amphenol is expected to close following the closing
of Amphenol’s MTS acquisition, subject to certain regulatory approvals and
other customary closing conditions. Terms of the transaction were not
disclosed.

Financial Advisors
Centerview Partners LLC is serving as Amphenol’s financial advisor for the
transaction. Goldman Sachs & Co. LLC is serving as ITW’s financial advisor
for the transaction.

About Illinois Tool Works
ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader
with revenues totaling $14.1 billion in 2019. The company’s seven
industry-leading segments leverage the unique ITW Business Model to drive
solid growth with best-in-class margins and returns in markets where highly
innovative, customer-focused solutions are required. ITW’s approximately
45,000 dedicated colleagues around the world thrive in the company’s
decentralized and entrepreneurial culture. www.itw.com

About Amphenol
Amphenol Corporation is one of the world’s largest designers, manufacturers
and marketers of electrical, electronic and fiber optic connectors and
interconnect systems, antennas, sensors and sensor-based products and coaxial
and high-speed specialty cable. Amphenol designs, manufactures and assembles
its products at facilities in the Americas, Europe, Asia, Australia and Africa
and sells its products through its own global sales force, independent
representatives and a global network of electronics distributors. Amphenol has
a diversified presence as a leader in high-growth areas of the interconnect
market including: Automotive, Broadband Communications, Commercial Aerospace,
Industrial, Information Technology and Data Communications, Military, Mobile
Devices and Mobile Networks.

Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements may contain words and terms such as: “anticipate,” “could,”
“believe,” “continue,” “expect,” “estimate,” “forecast,”
“ongoing,” “project,” “seek,” “predict,” “target,”
“will,” “intend,” “plan,” “look ahead,” “optimistic,”
“potential,” “guidance,” “may,” “should,” or “would” and
other words and terms of similar meaning. These statements are only
predictions, and such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including factors
that could delay, divert or change any of them, and could cause actual
outcomes and results to differ materially from current expectations. No
forward-looking statement can be guaranteed. Risks and uncertainties include,
but are not limited to: (i) the risk that the proposed merger between Amphenol
and MTS, or the proposed subsequent sale of the MTS Test & Simulation business
to ITW, may not be completed in a timely manner or at all, and (ii)
unanticipated difficulties or expenditures relating to the proposed
transaction, the response of business partners and competitors to the
announcement of the proposed transaction, potential disruptions to current
plans and operations and/or potential difficulties in employee retention as a
result of the announcement and pendency of the proposed transaction. The
foregoing list of risk factors is not exhaustive. Forward-looking statements
in this press release should be evaluated together with the many uncertainties
that affect Amphenol’s and ITW’s respective businesses, particularly those
identified in the risk factor discussion in Amphenol’s Annual Report on Form
10-K for the year ended December 31, 2019, and its subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and in ITW’s most
recent Annual Report on Form 10-K for the year ended December 31, 2019 and its
subsequent Quarterly Reports filed on Form 10-Q with the SEC, as well as other
documents that may be filed by Amphenol and/or ITW from time to time with the
SEC. Neither Amphenol nor ITW undertakes any obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise. The forward-looking statements made in this communication
relate only to events as of the date on which the statements are made.

 Media Contact Illinois Tool Works Trisha Knych Tel: 224.661.7566 mediarelations@itw.com  Investor Relations  Illinois Tool Works Karen Fletcher Tel: 224.661.7433 investorrelations@itw.com  Strategy and Investor Relations Amphenol Sherri Scribner Tel: 203-265-8820 IR@amphenol.com  

(https://www.globenewswire.com/NewsRoom/AttachmentNg/5947b771-ca1d-4d68-8a54-06116e780a4e)



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