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Graco Inc. reported that it has received a request for additional information from the Federal Trade Commission in connection with its proposed acquisition of the finishing businesses of Illinois Tool Works Inc. (ITW).
The company said it plans to continue to cooperate with the FTC to obtain clearance of the acquisition “as promptly as possible.” The FTC request for additional information is commonly referred to as a “second request,” and follows Graco’s original filing of required notification of the proposed acquisition under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
The issuance of the second request extends the Hart-Scott-Rodino Act waiting period to 30 days after Graco has substantially complied with the request, unless that period is terminated earlier by the FTC, Graco said.
Graco in April announced an agreement to acquire the operations of ITW’s finishing businesses in a $650 million cash transaction. The ITW finishing businesses constitute a lineup of highly recognizable brands in the finishing and painting trades, including Binks, Gema, DeVilbiss, and Ransburg. The finishing businesses include global manufacturers and distributors of equipment for architectural painting, industrial liquid finishing, powder coating, and automotive refinishing.
The Binks business is a supplier of spray guns, fluid-handling pumps, hoses and controls, and other equipment, with a product line that includes HVLP spray guns, conventional spray guns, air-assist and airless spray guns, and line-striping spray guns
When the deal was announced in April, Graco said it expected to complete the acquisition in June “at the earliest,” pending regulatory reviews and other customary conditions.
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