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Published on: 9/12/2002
Last Visited: 9/12/2002
"There is a tremendous fit" between the two companies, Mark Udelhofen, vice-president and general manager of the ITW Security Products Group, said in a statement.Envopak's reusable security pouches, in particular, offer great growth opportunities, he added.
ITW last month reaffirmed its third-quarter earnings outlook, saying it still expects to earn 75 cents to 85 cents a share, and $3.02 to $3.22 a share for the year.Its year forecast assumes economic trends will improve in the second half of the year.
In July the company reported income from continuing operations of $265.2 million, or 86 cents a share, on sales of $2.43 billion.
Shares of ITW were up 18 cents, at $66.40, in Wednesday afternoon trading.