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Illinois Tool Works may sell indus packaging unit

GLENVIEW, Ill. (AP) -- Industrial equipment maker Illinois Tool Works Inc. said Tuesday that it may sell or spin off its industrial packaging segment.

The division, with 2012 revenue of about $2.4 billion, designs and makes steel, plastic, and paper products used for bundling, shipping, and protecting transported goods. Its brands include Signode, Strapex, Angleboard and Mima.

Illinois Tool Works said it is going to review its strategic options for the segment. The review is expected to take the remainder of the year.

The Glenview, Ill. company said that it hired JPMorgan Securities LLC and Goldman, Sachs & Co. as financial advisers to help evaluate its strategic options.

In January, Illinois Tool Works reported that its fourth-quarter net income more than doubled, driven by a large gain from the sale of its decorative services unit. Its adjusted results met analysts' estimates.

The company's stock gained $1.16, nearly 2 percent, to $64.41 in morning trading. The stock has traded between $49.07 and $65.60 in the past 52 weeks.