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.