Global investment firm Carlyle Group is close to a deal to buy the industrial packaging division of Illinois Tool Works (ITW) for over $3bn, Reuters has said.
Other bidders reported to have made the second round include buyout firms Blackstone, Apollo, Bain Capital and Ares, while a consortium of Onex and the Canada Pension Plan Investment Board were the last remaining bidders alongside Carlyle.
ITW announced in September it was beginning a sale process for the segment as part of a bid to streamline its diversified business lines.
The packaging unit manufactures a range of materials and films, alongside packaging machines, as well as providing integration and monitoring services for its products.
Last year Carlyle bought the car paint business of New York-listed chemical giant DuPont for $4.9bn in cash.
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