ITW To Acquire MTS Test & Simulation Business From Amphenol
January 19 2021 - 8:00AM
Business Wire
Illinois Tool Works Inc. (NYSE: ITW), a global multi-industrial
manufacturing leader, and Amphenol Corporation (NYSE: APH), a
leading global provider of high-technology interconnect, antenna
and sensor solutions, today announced that they have entered into
an agreement under which ITW will acquire MTS Systems Corporation’s
(Nasdaq: MTSC) Test & Simulation business, following the
closing of Amphenol’s acquisition of MTS.
“MTS’s Test & Simulation business is highly complementary to
our existing Test & Measurement and Electronics business and
positions us in new and attractive industry verticals,” said E.
Scott Santi, ITW’s Chairman and CEO. “This acquisition continues
our strategy of driving solid growth and best-in-class returns in
businesses where highly innovative, customer-focused solutions are
required. We look forward to welcoming the MTS Test &
Simulation team to ITW.”
R. Adam Norwitt, Amphenol’s President and CEO, said, “After
reviewing the MTS Test & Simulation business and evaluating a
range of options to ensure its future success while maximizing
value for Amphenol shareholders, we determined that selling it to
ITW, with ITW’s complementary capabilities and strategic focus, is
the best outcome for all parties. We look forward to completing the
acquisition of MTS in the coming months, welcoming the talented MTS
Sensors team to the Amphenol organization, and completing the sale
of MTS’s Test & Simulation business to ITW.”
Amphenol’s acquisition of MTS is expected to close by the middle
of 2021, subject to certain regulatory approvals, approval from
MTS’s shareholders and other customary closing conditions. ITW’s
acquisition of the MTS Test & Simulation business from Amphenol
is expected to close following the closing of Amphenol’s MTS
acquisition, subject to certain regulatory approvals and other
customary closing conditions. Terms of the transaction were not
disclosed.
Financial Advisors
Centerview Partners LLC is serving as Amphenol’s financial
advisor for the transaction. Goldman Sachs & Co. LLC is serving
as ITW’s financial advisor for the transaction.
About Illinois Tool Works
ITW is a Fortune 200 global multi-industrial manufacturing
leader with revenues totaling $14.1 billion in 2019. The company’s
seven industry-leading segments leverage the unique ITW Business
Model to drive solid growth with best-in-class margins and returns
in markets where highly innovative, customer-focused solutions are
required. ITW’s approximately 45,000 dedicated colleagues around
the world thrive in the company’s decentralized and entrepreneurial
culture. www.itw.com.
About Amphenol
Amphenol Corporation is one of the world’s largest designers,
manufacturers and marketers of electrical, electronic and fiber
optic connectors and interconnect systems, antennas, sensors and
sensor-based products and coaxial and high-speed specialty cable.
Amphenol designs, manufactures and assembles its products at
facilities in the Americas, Europe, Asia, Australia and Africa and
sells its products through its own global sales force, independent
representatives and a global network of electronics distributors.
Amphenol has a diversified presence as a leader in high-growth
areas of the interconnect market including: Automotive, Broadband
Communications, Commercial Aerospace, Industrial, Information
Technology and Data Communications, Military, Mobile Devices and
Mobile Networks.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements may contain words and
terms such as: “anticipate,” “could,” “believe,” “continue,”
“expect,” “estimate,” “forecast,” “ongoing,” “project,” “seek,”
“predict,” “target,” “will,” “intend,” “plan,” “look ahead,”
“optimistic,” “potential,” “guidance,” “may,” “should,” or “would”
and other words and terms of similar meaning. These statements are
only predictions, and such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. No forward-looking statement can be
guaranteed. Risks and uncertainties include, but are not limited
to: (i) the risk that the proposed merger between Amphenol and MTS,
or the proposed subsequent sale of the MTS Test & Simulation
business to ITW, may not be completed in a timely manner or at all,
and (ii) unanticipated difficulties or expenditures relating to the
proposed transaction, the response of business partners and
competitors to the announcement of the proposed transaction,
potential disruptions to current plans and operations and/or
potential difficulties in employee retention as a result of the
announcement and pendency of the proposed transaction. The
foregoing list of risk factors is not exhaustive. Forward-looking
statements in this press release should be evaluated together with
the many uncertainties that affect Amphenol’s and ITW’s respective
businesses, particularly those identified in the risk factor
discussion in Amphenol’s Annual Report on Form 10-K for the year
ended December 31, 2019, and its subsequent Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K and in ITW’s most recent
Annual Report on Form 10-K for the year ended December 31, 2019 and
its subsequent Quarterly Reports filed on Form 10-Q with the SEC,
as well as other documents that may be filed by Amphenol and/or ITW
from time to time with the SEC. Neither Amphenol nor ITW undertakes
any obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
The forward-looking statements made in this communication relate
only to events as of the date on which the statements are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20210119005289/en/
Illinois Tool Works Trisha Knych Media Contact 224-661-7566
mediarelations@itw.com
Illinois Tool Works Karen Fletcher Investor Relations
224-661-7433 investorrelations@itw.com
Amphenol Sherri Scribner Vice President, Strategy and Investor
Relations 203-265-8820 IR@amphenol.com
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