ITW CEO: Sales from acquisitions could top $1.2 billion this year

Industrial Distribution staff -- Industrial Distribution, 2/26/2008 9:30:00 AM

Illinois Tool Works Inc. CEO David Speer said the company’s forecast for $800 million to $1.2 billion in acquired revenues this year "could be conservative," according to the news service.

At the Reuters Manufacturing Summit, Speer said the diversified manufacturer is set to buy as many as 45 companies this year. ITW acquired 52 firms last year.

"People could expect that we could have a better year than our range," Speer said, citing the effect of tightened credit markets, which has put a damper on M&A activity by private equity players.

Speer said ITW is working on a pipeline of deals worth $1.3 billion and that the company typically closes 60 percent of the transactions in its pipeline.

More from the Reuters Manufacturing Summit:

Grainger COO: February sales slow; meeting with Feds likely

Emerging markets are focus of Reuters Manufacturing Summit

Lincoln Electric CEO hints at more ’08 acquisitions

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