HOUSTON - PolySpec L.P. has been acquired by Illinois Tool Works Inc. (ITW). PolySpec L.P. is a manufacturer of protective coatings and linings, sealants, QPL/IMO-approved marine decking, and subsea insulation. Terms of the transaction were not disclosed.
PolySpec L.P. will be a wholly owned subsidiary of ITW; it will be part of the company's Performance Polymers and Fluids Division. M. W. (Buddy) Ellisor, PolySpec L.P. founder, commented, “This is an excellent opportunity for the company that will allow for our continued growth and the development of new materials.”
ITW is a $16.2 billion diversified manufacturer of highly engineered components and industrial systems and consumables. The company consists of approximately 840 business units in 52 countries and employs some 60,000 people.