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“This acquisition is an excellent strategic fit with Graco’s Industrial segment,” said Pat McHale, Graco CEO. “It will advance all of our stated core growth strategies: new products and technology, geographic expansion, and new markets. We gain a leading position in industrial powder paint equipment-a growing global market where we have no offering today.
“In liquid finishing, the acquired product technologies are complementary to Graco’s industrial offering and also give us a leading position in automotive refinish where we have little presence. The acquired businesses generate two-thirds of revenue outside North America, increasing our critical mass in important international and emerging markets.”
For more information, visit www.itw.com or www.graco.com.