Illinois Tool to Buy Foilmark
Foilmark, based in Newburyport, Mass., employs about 400 people at six locations in Massachusetts, New Jersey, California, Illinois and Montreal.
Illinois Tool said it has been in the hot-stamp business for more than 10 years, mostly in marking and decorating. ``We already have hundreds of millions of dollars of revenue from this business,'' said John Brooklier, ITW's vice president, investor relations.
Illinois Tool expects to start a cash tender offer for Foilmark through a subsidiary. Following completion of the offer, any shares not purchased will be acquired for the same price for cash. An expected closing date was not immediately available.