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ITW > SEC Filings for ITW > Form 8-K on 26-Sep-2013All Recent SEC Filings

Show all filings for ILLINOIS TOOL WORKS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ILLINOIS TOOL WORKS INC


26-Sep-2013

Other Events


Item 8.01 Other Events.

On September 24, 2013, the Company announced that its board of directors has authorized a plan to commence a sale process for its Industrial Packaging segment and plans to reclassify the segment to discontinued operations in the third quarter of 2013. It expects the sale process to conclude by mid-2014. The Company announced in February of this year that it was reviewing strategic alternatives for the segment, which had revenues of approximately $2.4 billion in 2012.
As to the impact of the divestiture on the Company's earnings per share and capital structure going forward, the Company also indicated that it intends to utilize its existing share repurchase authorization to offset the full amount of divestiture-related EPS dilution through a combination of sale proceeds, free operating cash flow and additional leverage. As a result, the Company expects to repurchase approximately 50 million shares through a program that will begin immediately and conclude no later than the end of 2014.
Separate from Industrial Packaging, the Company also expects to incur a $40 million discrete tax charge in the third quarter related to foreign earnings. The information herein contains forward-looking statements including, without limitation, statements regarding the amount and timing of share repurchases and timing of the disposition of the Industrial Packaging segment. These statements are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated. Important factors that could cause actual results to differ materially from the Company's expectations are set forth in ITW's Form 10-K for 2012.


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