Illinois Tool Works (ITW) is selling its group of finishing businesses for $650 million. Graco, which makes fluid handling systems and components, is acquiring the businesses, including Gema, Ransburg, DeVilbiss, BGK and Binks. The deal is expected to be completed by June 2011. The proceeds for the sale may be used by ITW to repurchase shares. Graco will fund the deal through a new committed $450 million revolving credit facility and long-term debt of $300 million, adds Reuters.

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