updated - July 18, 2019 Thursday EDT
Illinois Tool Works Inc. on Wednesday said it acquired a Chinese manufacturer of Western-style commercial kitchen equipment, the company said in a press release. Financial terms of the deal were not disclosed.
"We are pleased to add Vesta to our global food equipment business," said ITW Executive Vice President Chris O'Herlihy. "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."
The Glenview-based diversified manufacturer purchased Gold Pattern Holdings, which owns Vesta Catering Co. from private equity firm Actis. ITW said the purchase gives it entry to the fast-growing Chinese Western cooking industry.
Vesta is based in Guangzhou, China, where it operates two manufacturing facilities and employs about 900 people. It's product portfolio includes fryers, griddles and convection ovens. The products are mainly sold to hotels and chain restaurants under the brand name Justa.
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