September 30, 2005
Illinois Tool Works Inc. (NYSE: ITW) has purchased the stock of Auto Wax Company, Inc. (AWC), a leading manufacturer of professional automotive reconditioning and refinishing products, whose products are marketed under the following names: Auto MagicŪ, Clay MagicŪ, and Body MagicŪ brands. The purchase was a cash transaction; the purchase price was not disclosed.
Founded in 1960, Auto Wax Company's products include a comprehensive range of waxes, polishes, compounds, interior and exterior cleaners, soaps, dressings and clay bars which are sold through a worldwide network of independent distributors and automotive retail outlets.
Auto Wax joins ITW's Finishing Group and will operate under the management of Ronald E. Stibich, President of Fibre Glass-Evercoat. Auto Wax Company's General Manager, Wray Rives, says, "ITW will provide resources for Auto Wax to expand its market presence in all our product lines. Out team is excited about the opportunities available to us as we become part of a terrific organization like ITW".
Illinois Tool Works Inc. designs and produces an array of highly engineered fasteners and components, equipment, consumable systems and specialty products for customers around the world. ITW is a fortune 200 diversified manufacturing company with more than 90 years of history. ITW has 650 decentralized business units in 45 countries and employs 49,000 men and women who are focused on creating value-added products and innovative customer solutions.