Illinois Tool Works Inc. and Amphenol Corporation recently announced that they have entered into an agreement under which ITW will acquire MTS Systems Corporation鈥檚 Test & Simulation business, following the closing of Amphenol鈥檚 acquisition of MTS.

鈥淢TS鈥檚 Test & Simulation business is highly complementary to our existing Test & Measurement and Electronics business and positions us in new and attractive industry verticals,鈥� said E. Scott Santi, ITW鈥檚 chairman and CEO. 鈥淭his acquisition continues our strategy of driving solid growth and best-in-class returns in businesses where highly innovative, customer-focused solutions are required. We look forward to welcoming the MTS Test & Simulation team to ITW.鈥�

R. Adam Norwitt, Amphenol鈥檚 president and CEO, said, 鈥淎fter reviewing the MTS Test & Simulation business and evaluating a range of options to ensure its future success while maximizing value for Amphenol shareholders, we determined that selling it to ITW, with ITW鈥檚 complementary capabilities and strategic focus, is the best outcome for all parties. We look forward to completing the acquisition of MTS in the coming months, welcoming the talented MTS Sensors team to the Amphenol organization, and completing the sale of MTS鈥檚 Test & Simulation business to ITW.鈥�

Amphenol鈥檚 acquisition of MTS is expected to close by the middle of 2021, subject to certain regulatory approvals, approval from MTS鈥檚 shareholders and other customary closing conditions. ITW鈥檚 acquisition of the MTS Test & Simulation business from Amphenol is expected to close following the closing of Amphenol鈥檚 MTS acquisition, subject to certain regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.