CALIFORNIA : BRIEFLY / DIVERSIFIED PRODUCTS : Illinois Tool to Buy Premark International

Illinois Tool Works Inc., inventor of the flexible plastic six-pack holder, agreed to buy Premark International Inc. for $3.65 billion, adding the world’s largest maker of commercial food equipment to its lineup of 400 businesses. Illinois Tool, one of the world’s most profitable diversified manufacturers, said it will pay $3.4 billion, or $55 worth of its stock for each share of Premark, and will assume about $250 million in debt. Premark--based in Deerfield, Ill., about a dozen miles away from its acquirer in Glenview--is best known for making West Bend home appliances; Hobart refrigerators, mixers and other commercial food equipment; and the Wilsonart decorative laminates used to cover kitchen counter tops and furniture. Premark had $2.7 billion in sales last year, about half the $5.65 billion reported by Illinois Tool. The acquisition was announced after the close of U.S. markets. ITW closed up 44 cents at $80.13, while Premark rose 6 cents to close at $34.25, both on the New York Stock Exchange.