Despatch Industries Purchased by Illinois Company
Lakeville-based Despatch Industries, a provider of thermal processing equipment, has been purchased by Illinois Tool Works, Inc., the companies announced Monday.
Financial terms of the deal, which closed on Friday, were not disclosed.
Despatch Industries has more than 400 employees and was founded in 1902. It sells solar cell firing furnaces, carbon fiber process ovens, and thermal processing equipment. Its 2011 revenue is expected to total $200 million, according to a press release issued regarding the sale.
According to Despatch Industries spokesman Matthew Abbott, the company will operate as a subsidiary of Illinois Tool Works-a publicly traded company that employs more than 60,000 people and had sales of $15.4 billion in 2010. Illinois Tool Works has indicated that it plans to retain all employees and that leadership will remain intact, Abbott said.
“This is an exciting opportunity for Despatch employees and customers as it will allow us to accelerate our growth and innovation under the global umbrella and strength of [Illinois Tool Works],” Patrick Peyton, Despatch CEO, said in a statement. “Despatch's strong market presence and proven technology, coupled with [Illinois Tool Works'] global breadth and foundational strength, will facilitate a strong expansion of technology advancements and next-generation tools.”