FAQs Archives: These questions and answers were provided at the announcement of our transition. This archive is provided for your reference.
What happens between now and the completion of the transaction?
For most employees, nothing will change in the period between now and the completion of the transaction. During that time, we will complete the necessary regulatory approvals, and CD&R - with help from outside advisors and from ITW - will implement transition plans.
More information about the transition will be provided as it becomes available.
Will there be any layoffs or job losses associated with this transaction?
We will be well-positioned to grow as an independent enterprise, which should be positive for employment prospects. Job losses are not a part of the current business plan. Future decisions about the size of our workforce will be based on supporting the company's long-term success.
Who is CD&R?
With 34 years of history, CD&R is an investment firm recognized for institutionalizing its distinctive approach of blending financial skills with operating capabilities to build great businesses.
CD&R is known for helping businesses innovate and grow. Former General Electric CEO Jack Welch and former Procter & Gamble CEO AG Lafley are among the corporate leaders associated with the firm. Watch a video about CD&R here.
Why is CD&R an appropriate buyer?
CD&R was selected because of its institutional reputation, experience executing similar transactions and operating expertise.
CD&R's record of creating independent businesses from former divisions of larger corporations includes, most recently, Hussmann International, formerly a division of Ingersoll Rand, and Atkore International, formerly Tyco International's Electrical and Metal Products business.
How has CD&R handled other transactions like Decorative Surfaces?
CD&R is recognized for its business-building skills. Most of the firm's transactions over its 34-year history have been complex corporate divestitures in which it has successfully managed transitions involving employees, suppliers and customers.
As with past investments, CD&R's goal is to pursue strategies to support the long-term, profitable growth of its businesses.
Why is ITW pursing this transaction?
Wilsonart, Resopal, Polyrey and Arborite continue to be strong and successful businesses. Following the transaction, the new company will be well-positioned to fully leverage our decorative surfacing products and technologies as well as our unique design and full-service capabilities. For ITW, the transaction will allow us to focus on our core platforms as well as retain share in the value of the business as global construction end markets improve over the next number of years.
Is the deal already done?
What are the next steps?
The transaction is expected to be completed by the fourth quarter, 2012. For most employees, the period between now and the completion of the transaction will be business as usual.
When will the new global management team be in place?
The process of building out the global leadership team for Wilsonart International is underway. In the interim, ITW, CD&R and a group of experienced functional consultants will be working closely together to ensure a smooth transition. Searches for permanent companywide executives will be launched immediately and we expect to make senior personnel announcements over the next three to six months.