Illinois Tool Works Inc, [NYSE: ITW] revealed that the company has inked a contract with Amphenol Corporation. Under the terms of the contract, Illinois Tool Works will purchase the Test & Stimulation Business of the MTSC after the purchase of MTSC by Amphenol is closed.
Amphenol’s deal to purchase MTS System Corp. is expected to close in the first half 2021. The transaction is currently subject to customary closing conditions, regulatory approvals, and approvals from the shareholders of MTS. Meanwhile, the Illinois Tool Work’s deal to buy MTSC Test & Stimulation is expected to close after the closing of Amphenol’s transaction.
E. Scott Santi, Chairman, and CEO of ITW said “ The Testing & Stimulations Business will complement our current Test & Measurement Business & Electronic business greatly. Moreover it will place us in different and desirable vertical markets. The transaction accelerates our strategy striving for growth. We anticipate embracing the Testing & Stimulations Business to the ITW’s family”.
“After a thorough review of the Testing & Stimulation Business and evaluation of a wide variety of possibilities we considered selling the business to ITW as the best option. We anticipate the completion of the MTSC purchase and embracing their capable crew to our family. Moreover, we also look forward to the completion of MTS testing & stimulation business transaction to Illinois Tool Work” said R. Adam Norwitt President and CEO of Amphenol