Illinois Tool Works (NYSE:ITW) announced today that it has added China-based food equipment manufacturer Vesta to its product portfolio via its purchase of Gold Pattern Holdings from private equity firm Actis.
Despite its location, Vesta focuses its manufacturing primarily on Western kitchen equipment, selling products such as fryers and convection ovens under the brand name Justa. Vesta's customers include chain restaurants as well as five-star hotels, and its two Guangzhou manufacturing plants employ around 900 workers. No financial details of the acquisition were disclosed in the press release.
"We are pleased to add Vesta to our global food equipment business," said Illinois Tool Works Executive Vice President Chris O'Herlihy in a statement. "This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network."
In 2012, more than half of the company's $17 billion in sales came from outside the U.S., with a significant presence in emerging markets.
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