Illinois Tool Works Acquires Chinese Foodservice Equipment Business

ITW gains entry into Chinese Western cooking industry.

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Illinois Tool Works Inc. (NYSE: ITW) acquired Vesta Catering Co., Ltd., a foodservice equipment manufacturer in China. Terms of the transaction were not disclosed.

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ITW acquired Vesta Catering as part of its deal to purchase Gold Pattern Holdings from private equity firm Actis. Gold Pattern Holdings owns Vesta Global Ltd.

Vesta's product portfolio consists of cooking/warming equipment including fryers, griddles, convection ovens, modular cooking equipment, and combi ovens, sold under the brand name Justa. The company's target markets include hotels and chain restaurants. The company is headquartered in Guangzhou, China, and operates two manufacturing facilities there, employing approximately 900 people in total.

"This acquisition gives us entry to the fast-growing Chinese Western cooking industry with a differentiated product offering, attractive end market presence, and a well-established national distribution sales and service network," said ITW Executive Vice President Chris O'Herlihy.

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