Spanish Reagent Provider Sold
Dow Jones reports that ITW purchased the company for around €72 million ($92 million = €0.78 = $1). When 3i purchased the firm in 2005, it stated that 26% of the company’s sales were to hospitals and universities and 23% were to the pharmaceutical industry.
Glenview, IL 9/2/10; London, UK 9/3/10—Private equity firm 3i has agreed to sell Panreac, a Spanish manufacturer and supplier of chemicals for lab research and production, to industrial conglomerate Illinois Tool Works (ITW). Panreac’s portfolio is comprised of 12,000 products, including reagents, high-purity solvents for HPLC, and fine chemicals. Based in Barcelona, the company has 230 employees. “ITW sees this acquisition as a strategic way of entering the fine chemicals sector in Europe,” commented Agustín Ruiz de Munain, president of ITW’s Polymers and Fluids division. (For more, see page 8.)
