Graco Inc's said U.S. antitrust regulators plan to file a complaint the company's proposed $650 million acquisition of Illinois Tool Works Inc's finishing businesses.Minneapolis-based Graco, a maker of fluid-handling systems and components, said it plans to fight the U.S. Federal Trade Commission (FTC) in court.The company has proposed to the FTC that existing U.S. Graco and ITW distributor practices would remain unchanged, with distributors remaining non-exclusive and retaining the ability to distribute products from other manufacturers of their choice."We are confident in our position and believe the facts of the case warrant defending this matter in court," CEO Patrick McHale said in a statement.
Graco Inc. designs, manufactures and sells equipment that pumps, meters, mixes, dispenses and sprays a variety of fluids and semi-solids. Shares of GGG fell by 2.74% or $-1.07/share to $37.93. In the past year, the shares have traded as low as $32.01 and as high as $54.41. On average, 315867 shares of GGG exchange hands on a given day and today's volume is recorded at 644597.
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