US firms offers £1 billion for Enodis
UK REFRIGERATION MANUFACTURER Enodis has agreed to be bought by Illinois Tool Works (ITW) for £1 billion.
Enodis, which started out as S & W Berisford, currently owns 30 brands and produces refrigeration units for fast food and supermarket outlets.
The offer, made by FNI limited, a subsidiary of ITW, values Enodis' existing issued share capital at £1,029 million, beating rival bidder Manitowoc's £948 million offer.
Enodis shareholders will vote on the offer at a general meeting on June 18.
Manufacturer ITW, designs and makes a variety of speciality products and equipment including commercial food equipment. ITW Foodservice Equipment businesses's products include refrigeration equipment, such as refrigerators, freezers as well as kitchen exhaust, ventilation and pollution control systems.
David B. Speer, chairman and chief executive officer of ITW said:
'We believe that the combination of ITW Food Equipment and Enodis will create an expanded global food equipment platform with very complementary strategic, operational and geographical growth positions.
'As we have done in past acquisitions, we intend to operate Enodis as a stand alone business group within the ITW food equipment segment. We also recognise the importance of Enodis' workforce to our future success and look forward to welcoming them into ITW'.
ITW employs approximately 60,000 people in 52 countries.