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Industrial tool maker, Illinois Tool Works Inc.’s (ITW - Analyst Report) medical products division, ITW Medical Products further enhanced its capabilities by adding Coeur Holding Company to its product portfolio. Financial terms of the transaction remain undisclosed.
The acquired company is a well renowned manufacturer and provider of medical products, used primarily in diagnostic imaging and other medical procedures.
The addition of Coeur will enable ITW Medical products to better serve its customers. The division will now be selling medical products under two brands— Filtertek and Coeur. The former brand offers primarily custom plastic insert molded filtration and flow control components for global OEM medical device customers.
Illinois Tool Works is one of the leading manufacturers of industrial products and equipment operating through 800 business units in 57 countries. The company posted good results in the second quarter 2012 with earnings per share rising 16% year over year and total revenue by 1%. For the third quarter 2012, management hopes that earnings per share would be within the $1.03-$1.11 range.
The $28.3 billion industrial products manufacturer is scheduled to release its third quarter 2012 financial results on October 23, 2012.
The Zacks Consensus Estimate for the third quarter 2012 stands at $1.06, up 6.2% year over year. Estimates for 2012 and 2013 are at $4.12 and $4.51, representing year-over-year growth of 0.9% and 9.3%, respectively.
We currently maintain a Neutral recommendation on Illinois Tools. The stock currently bears a Zacks #5 Rank, implying a short-term Sell rating. Its prime competitors Cooper Industries plc (CBE), General Electric Co. (GE - Analyst Report), and Manitowoc Co. Inc. (MTW - Analyst Report) currently has a Zacks #3 (Hold) Rank.
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