Kleinmann has been acquired by ITW Illinois Tool Work Inc.
The Chicago-based company, which has 690 businesses units in 45 countries, finalised the deal at this year’s Paperworld and will act as a silent partner.
"I’m very happy with the deal – it could not have been better," said general manager Gerhard Kleinmann, who set up the business in 1979. It reported sales of €12 million ($14.5 million) in 2005. "Kleinmann is a family company, with 75 employees including our kids. We obviously want to save jobs and stay in control of our own company. ITW enables us to stay as we are, it allows us that control. In addition, we lose the risk and, if we meet ITW’s targets, gain the financial backing."