From its Glenview, Illinois headquarters, Illinois Tool Works announced its attempt to sell its industrial packaging business by mid 2014. The latest announcement is in line with its decision last February of its review of available options for its business. Revenues reported for 2012 reached USD2.4 billion.

The decision to divest the said asset was based on 'the underlying value of the business, the level of preliminary interest from potential buyers and a favorable debt market.' According to ITW CEO E. Scott Santi, the company was trying to narrow its focus. 

The proceeds from the sale would be used to buy back about 50 million company shares. As of the announcement, the share values of ITW jumped USD0.78 to USD77.01 per share.

The industrial packaging division would then be discontinued operation as of the third quarter of 2013. This would result in an adjusted earnings projection of between USD0.84 and USD0.92 per share for the quarter and an overall earnings projection after the divestment between USD3.50 and USD3.66 per share.