A subsidiary of Illinois Tool Works announced last week that it has boughtWynn Oil Company from manufacturing giant Parker Hannifin Corp.Wynn manufacturesautomotive specialty chemicals and equipment.
The acquisition was made by ITW Performance Polymers, of Danvers, Mass., which makes adhesives and sealants for original equipment manufacturers and maintenance and repair industries. Terms of the deal were not disclosed, but Parker Hannifinsaid that Wynn has annual revenue of $110 million.
Wynn is headquartered in Azusa, Calif., and supplies automotive service shops with machines and chemical kits used to flush fuel, coolant, steering, brake and transmission systems. It also supplies a variety of engine oil treatment additives to the automotive aftermarket.
Both ITW and Parker Hannifin officials said Wynn will be a good fit for ITW. Based in Glenview, Ill., ITW is a $10 billion manufacturer of highly engineered components and industrial systems. It also owns ITW Rocol North America, a supplier of metalworking lubricants, drawing and stamping fluids and industrial cleaners. Cleveland-based Parker Hannifin is a $7 billion diversified manufacturer of motion and control technologies and systems.
In November 2003, Parker Hannifin sold Wynns industrial lubricant business to Fuchs Petrolub AG.