TH Industrieholding AG has sold ELRO-Werke AG to Illinois Tool Works Inc.

TH Industrieholding AG has sold its company ELRO-Werke AG (ELRO), a leading developer and manufacturer of high quality thermal food service equipment, to Illinois Tool Works Inc. (ITW), a multinational manufacturer of a diversified range of value-adding and short lead time industrial products and equipment. Financial details have not been disclosed.

Under ITW's ownership, ELRO will continue to operate as a separate business as part of ITW’s Food Equipment Group. ITW is present in 57 countries and has 59,000 employees.

Oaklins' team in Switzerland advised the seller in this transaction, running a structured process with selected potential buyers.