UK kitchen equipment manufacturer Enodis has agreed to be bought by Illinois Tool Works (ITW) for £1 billion cash.
Enodis, which started out as S & W Berisford in the mid 1800s, currently owns 30 brands and produces refrigeration units and drink dispensers for fast food and supermarket outlets.
The sum beat rival bidder Manitowoc’s £948 million offer, and valued Enodis at twice the amount it had been a month ago.
The acquisition is now awaiting approval from EU competition.
