Averys new boss
British industrial weighing company Avery Weigh-Tronix is to be passed into new hands after North American Illinois Tool Works (ITW) bought the firm from investment company European Capital.
European Capital, a publicly traded firm operating across the Continent and a wholly-owned affiliate of American Capital, had originally acquired Avery in 2006.
Avery CEO Andy Caffyn said: "We are delighted by this transaction. ITW will be an excellent long-term owner for the business and we are a great fit to the existing businesses within the ITW Test and Measurement group.
"With a strong and supportive owner like ITW, we can truly enhance our reputation as a dominant player in the global weighing market."
ITW, a Fortune 500 company, is based in Chicago and has over 825 operations in 52 countries, specialising in manufacturing engineered products and speciality systems.
ITW Test and Measurement group president Steve Martindale said: "Avery Weigh-Tronix is a high performing business, with outstanding management and employees, as well as an excellent reputation in the marketplace. It will be a strong addition to the group."
Director of financial services Giles Cheek said: "We have been pleased to support the Avery business and its management, which has changed significantly during the period of our ownership to become a more focused and efficient company. We wish Avery's management team and employees continued success in the future."
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