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Graco Inc announced the scheduled closing of its US$650M acquisition of the Illinois Tool Works Inc finishing businesses would be April 2. The company reached an agreement with the United States Federal Trade Commission (FTC) that will allow for closing to occur while the FTC investigates and considers a settlement proposal from Graco.
First announced on April 14, 2011, the acquisition includes: Gem powder coating technology; Binks spray finishing equipment; DeVilbiss spray guns and accessories; Ransburg electrostatic equipment and accessories and BGK curing technology. On December 15, 2011, the FTC formally filed a complaint to challenge the acquisition on the grounds that the addition of the Liquid Finishing businesses to Graco would be anticompetitive, which Graco has denied