Private equity firm buys ITW industrial packaging business By: Jim Johnson February 6, 2014 Illinois Tool Works Inc. is selling off its global industrial packaging business, which represents a significant chunk of its annual sales, in a deal with a well-known private equity firm. The move is part of a larger plan to narrow the company’s portfolio. The Carlyle Group is paying in a $3.2 billion for the packaging assets that include strap, stretch and protective consumables, tools and equipment used to bundle, ship and protect goods. Those packaging products are made from plastic, steel and paper. Brands within the packaging segment include Signode, Strapex, Orgapack, Angleboard and Mima. Carlyle expects the transaction, subject to regulatory approval, to close by the middle of this year. “IPG (Industrial Packaging Group) is a highly diversified business with strong management, attractive market positions and excellent free cash flow,” said Brian Bernasek, Carlyle managi...