Illinois Tool Works (ITW) has confirmed it plans to sell its Industrial Packaging segment which had revenues of $2.4bn in 2012.
The segment will move to discontinued operations in Q3 2013 ahead of an expected sale in mid-2014.
It designs and manufactures strap, stretch and protective consumables, tools and equipment, with products used to bundle, ship and protect goods during manufacturing, transport and warehousing.
E. Scott Santi, president and chief executive officer, said: "With this move, we are taking a sizeable step in the implementation of our strategy to narrow the focus of our portfolio.”
The company announced in February that it was reviewing strategic alternatives for the segment .