UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF COLUMBIA 

) 

FEDERAL TRADE COMMISSION, ) 

600 Pennsylvania Avenue, N.W. ) 

Washington, D.C. 20580 ) 

Plaintiff, ) 

v. ) Civil Case No. 

) 

__ LJ 

GRACO INC., ) REDACTED PUBLIC VERSION 

88 11th Avenue Northeast ) 

Minneapolis, MN 55413 ) 

) 

ILLINOIS TOOL WORKS INC., and ) 

ITW FINISIDNG LLC, ) 

3600 West Lake Avenue ) 

Glenview,IL 60026 ) 

Defendants ) 

) 

COMPLAINT FOR TEMPORARY RESTRAINING ORDER 

AND PRELIMINARY INJUNCTION PURSUANT TO 

SECTION 13(b) OF THE FEDERAL TRADE COMMISSION ACT 

Plaintiff, the Federal Trade Commission ("FTC" or "Commission"), by its designated 

attorneys, petitions the Court, pursuant to Section 13(b) of the Federal Trade Commission Act 

("FTC Act"), 15 U.S.C. § 53(b), and Section 16 of the Clayton Act, 15 U.S.C. § 26, for a 

temporary restraining order and preliminary injunction enjoining Defendants Graco Inc., Illinois 

Tool Works Inc., and ITW Finishing LLC ("ITW"), including their domestic and foreign agents, 

divisions, parents, subsidiaries, affiliates, partnerships, or joint ventures, from taking any steps 

toward combining or acquiring any stock, assets, or other interest of one another, either directly 

or indirectly. Plaintiff requires the aid of this Court to maintain the status quo during the 

pendency of an administrative proceeding that the Commission has already initiated pursuant to 

Section 5 of the FTC Act, 15 U.S.c. § 45, and Section 7 of the Clayton Act, 15 U.S.C. § 18. 
The ongoing administrative proceeding will determine the legality of the acquisition, subject to 

judicial review by a federal Court of Appeals, and will provide a forum for all parties to conduct 

full discovery and present evidence regarding the likely effects of the acquisition. 

NATURE OF THE CASE 

1. Graco's proposed acquisition ofITW, its largest and most significant competitor, 

threatens to harm competition for certain industrial liquid finishing equipment in North America 

and lead to higher prices for North American distributors and end users already struggling in 

today's economic environment. Finishing is the application by end-user customers of coatings, 

such as paint or varnish, to all kinds of metal, plastic, or wood products that they manufacture. 

Describing the deal, Graco's CEO told his Board of Directors that the ITW fmishing companies 

were 

Without temporary and preliminary injunctive relief from this Court, 

Defendants may merge after December 17, 2011. 

2. Graco and ITW are the two dominant manufacturers ofliquid finishing equipment 

for industrial use in North America. The acquisition would combine Graco's _ 

_ with its leading competitor and eliminate the close competition ITW imposes on 

Graco's liquid finishing business. As described in the 2010 U.S. Departrrient of Justice and 

Federal Trade Commission Horizontal Merger Guidelines ("Merger Guidelines"), the loss of this 

close direct competition is likely in and of itself to lead to anti competitive effects. After the 

acquisition, Graco will no longer need to effectively discount on sales to distributors to compete 

with ITW and will have less incentive to develop new and better products. Because competition 

2 
for sales to distributors will lessen, end use industrial manufacturers may pay higher prices for 

industrial liquid finishing equipment. 

3. Post-acquisition, Graco will control well overll ofthe sales of all liquid 

finishing equipment for industrial use in North America. Graco and ITW are the dominant 

suppliers of certain industrial liquid finishing equipment in North America. Exel North America 

("Exel") is a distant third. 

4. Under the relevant case law and the Merger Guidelines, the extraordinarily high 

post-acquisition concentration levels render the acquisition presumptively unlawful in relevant 

markets within the product categories of pumps, spray guns, and proportioners for industrial use, 

in which Graco and ITW compete for the sale of industrial liquid finishing equipment to 

distributors (value-added resellers) for resale. 

5. Evidence from the parties, distributors, and other industry participants confirms 

this strong presumption of illegality. Because Exel and other niche manufacturers lack Graco's 

and ITW's installed base, brand acceptance, and access to quality North American distribution 

which can furnish some end users with service and replacement parts, no existing competitors can 

or would constrain Graco post-acquisition from imposing price increases on industrial liquid 

finishing equipment. As one industrial end user commented to ITW, 

6. Effective expansion or entry into the manufacture and sale in each relevant 

industrial liquid fmishing equipment market in North America is unlikely in response to an 

anti competitive price increase, due to significant entry barriers. In a recent presentation prepared 

3 
for its Board of Directors, Graco laelnt1l1ea 

Repositioning or expansion by existing smaller 

competitors is unlikely without access to capable local distributors to sell and service finishing 

equipment for industrial end users. Indeed, Graco believes 

Defendants have 

advanced no credible, cognizable efficiencies to justify the acquisition, especially given the 

extremely high post-acquisition concentration and the loss of close competition between Graco 

and ITW. Indeed, Graco's stated plan is to operate the two liquid fmishin.g equipment businesses 

as separate standalone operations, only now under the common control of a single firm. 

7. Temporary and preliminary injunctive relief is imperative to preserve the status 

quo and protect competition during the Commission's ongoing administrative proceeding. This 

temporary relief is warranted as long as the FTC raises "questions going to the merits so serious, 

substantial, difficult and doubtful as to make them fair ground for thorough investigation, study, 

deliberation and determination by the [FTC] in the first instance, and ultimately by the Court of 

Appeals." Thus, the Court in this matter "is not called upon to reach a fmal determination on the 

antitrust issues." Instead, the "one purpose of a proceeding under Section 13(b) is to preserve the 

status quo until the FTC can perform its function." Allowing Graco and ITW to merge during 

the administrative proceeding would harm consumers and undermine the Commission's ability to 

remedy the anti competitive effects of the transaction. If Defendants consummate the proposed 

4 
acquisition, it would combine the two most significant competitors selling these products in North 

America, leaving a very distant new second-place firm along with a handful offringe competitors. 

The administrative complaint issued by the Commission on December 15,2011, alleges that this 

acquisition would result in higher prices, declining product quality, and reduced competition from 

fringe competitors. The Commission has scheduled a hearing on the merits ofthe acquisition 

before an FTC Administrative Law Judge to begin on May 15,2012. 

JURISDICTION AND VENUE 

8. Jurisdiction is based on Section 13(b) of the FTC Act, 15 U.S.C. § 53(b), and 

Section 16 ofthe Clayton Act, 15 U.S.C. § 26, and under 28 U.S.C. §§ 1331, 1337, and 1345. 

This is a civil action arising under Acts of Congress protecting trade and commerce against 

restraints and monopolies, brought by an agency of the United States authorized by an Act of 

Congress to bring this action. 

9. Venue is proper under 15 U.S.C. §§ 22 and 53(b), and 28 U.S.C. § 1391(b) and (c), 

as both Graco and ITW transact business in the District of Columbia. 

THE PARTIES 

10. Plaintiff, the Commission, is an administrative agency of the United States 

Government established, organized, and existing pursuant to the FTC Act, 15 U.S.C. §§ 41 

et seq., with its principal offices at 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. 

The Commission has the authority and responsibility to enforce, among other things, Section 7 of 

the Clayton Act, 15 U.S.C. § 18, and Section 5 of the FTC Act, 15 U.S.C. § 45. 

11. Defendant Graco Inc. is a for-profit corporation, existing and doing business under \ 

and by virtue of the laws of the state of Minnesota, with its office and principal place of business 

5 
located at 88 11th Avenue Northeast, Minneapolis, Minnesota 55413. Graco Inc. wholly owns 

Graco. 

12. Defendant Illinois Tool Works Inc. is a for-profit corporation, existing and doing 

business under and by virtue ofthe laws ofthe state of Delaware, with its office and principal 

place of business located at 3600 West Lake Avenue, Glenview, Illinois 60026. Illinois Tool 

Works wholly owns Defendant ITW Finishing LLC. 

13. Defendant ITW Finishing LLC is a for-profit limited liability company, existing 

and doing business under and by virtue ofthe laws of the state of Delaware, with its office and 

principal place of business located at 3600 West Lake Avenue, Glenview, Illinois 60026. 

14. Graco, ITW, and their relevant operating subsidiaries are, and at all relevant times 

have been, engaged in activities in or affecting "commerce" as defined in Section 4 of the FTC 

Act, 15 U.S.C. § 44, and Section 1 of the Clayton Act, 15 U.S.C. § 12. 

SECTION 13(b) OF THE FTC ACT 

15. Section 13(b) of the FTC Act, 15 U.S.C. § 53(b), provides in pertinent part: 

(b) Whenever the Commission has reason to believe 

(1) that any person, partnership, or corporation is violating, or is about to 

violate, any provision of law enforced by the Federal Trade Commission, and 

(2) that the enjoining thereof pending the issuance of a complaint by the 

Commission and until such complaint is dismissed by the Commission or set aside 

by the court on review, or until the order of the Comtnission made thereon has 

become [mal, would be in the interest of the public the Commission by any of its 

attorneys designated by it for such purpose may bring suit in a district court of the 

United States to enjoin any such act or practice. Upon a proper showing that, 

weighing the equities and considering the Commission's likelihood of ultimate 

success, such action would be in the public interest, and after notice to the 

defendant, a temporary restraining order or a preliminary injunction may be 

granted without bond .... 

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THE ACQUISITION 

16. Pursuant to an Asset Purchase Agreement dated April 14, 2011, Graco proposes to 

acquire certain assets and equity interests from Illinois Tool Works and ITW for $650 million. 

The transaction would create an entity with annual sales exceeding $1 billion. Defendants Graco 

and ITW have combined North American liquid fmishing equipment sales exceeding. 

-

17. Pursuant to the Hart-Scott-Rodino Antitrust Improvements Act, 15 U.S.C. § 18a, 

and a timing agreement between Defendants and the FTC staff, unless restrained or enjoined by 

this Court, Defendants may consummate the transaction after December 17, 2011. 

18. On December 15,2011, the Commission unanimously authorized commencement 

ofthisaction under Section 13(b) of the FTC Act, 15 U.S.C. § 53(b), to seek a temporary 

restraining order and preliminary injunction barring the acquisition until the resolution ofthe 

administrative proceeding that was commenced by the Commission on the same day, pursuant to 

Section 11(b) of the Clayton Act, 15 U.S.C. § 21(b), and Section 5 of the FTC Act, 15 U.S.C. 

§ 45. The legality of the acquisition agreement under Section 5 of the FTC Act, the legality of 

the acquisition itself under Section 7 of the Clayton Act, 15 U.S.C. § 18, and Section 5 of the FTC 

Act, and the appropriate remedy in the event liability is found will be determined by the 

Commission through an administrative proceeding and will be subject to judicial review. 

19. In authorizing the commencement of this action, the Commission determined that 

it has reason to believe that (1) acquisition agreement constitutes an unfair method of competition 

in violation of Section 5 of the FTC Act and (2) the acquisition would violate Section 7 of the 

Clayton Act and Section 5 of the FTC Act because the acquisition may substantially lessen 

7 
competition and/or tend to create a monopoly in one or more lines of commerce, and (3) it will 

promote the public interest for this Court to enjoin the transaction pending the resolution ofthe 

Commission's administrative proceedings, and any appeals, so as to minimize the potential harm 

to customers and preserve the Commission's ability to grant an adequate remedy if it concludes, 

after the hearing, that the acquisition is unlawful. 

AFFECTED MARKETS 

20. Industrial manufacturers, the end users of the products at issue, use liquid finishing 

equipment to apply paint and other coatings to all kinds of finished goods, including automobiles, 

office furniture, and home appliances. Almost every surface requires a finish, whether for 

aesthetic value, surface protection, or other purposes. These traits are often the very things that 

make a customer choose one product over another. Applying a consistent finish is a critical part 

of the manufacturing process, because any disruption in the finishing process could impede the 

entire manufacturing process. Manufacturers require reliable, proven finishing equipment and 

local service that is available whenever a problem arises, day or night. 

21. Graco and ITW manufacture and sell liquid fmishing equipment for use in 

industrial settings. This equipment includes pumps, applicators (spray guns), plural component 

equipment (proportioners), and related equipment used in industrial paint systems. The 

equipment is durable, with a significant follow-on parts and service business associated with each 

system or component sale. Pumps, spray guns, proportioners, and the spare parts associated with 

these components account for the vast majority of the North American industrial liquid finishing 

equipment sales of both firms. Defendants sell these products throughout North America. 

8 
22. Liquid finishing equipment manufacturers, including Graco and ITW, sell their 

products predominantly to independent, highly specialized distributors, who purchase the vast 

majority ofliquid finishing equipment for resale. Distributors provide a total liquid finishing 

solution-a value-added bundle of goods and services to meet each end user's needs, which can 

include system design, engineering, installation, product training, equipment customization, 

maintenance, and repair. The initial sale of equipment typically results in additional spare and 

replacement parts and accessories business for the distributor. Aftermarket sales often comprise 

the majority of a distributor's business. The aftermarket business most typically involves Graco 

and ITW parts because they have the largest installed bases of equipment. 

23. Access to quality distributors appears to be the most cost-effective way to channel 

local pull-through demand for industrial liquid fmishing equipment. All industrial liquid 

fmishing equipment manufacturers sell predominantly through distribution. Graco sells all of its 

industrial liquid finishing equipment to distributors. ITW ~ells the vast majority of its industrial 

liquid finishing equipment to distributors. 

24. Graco and ITW compete directly on price and product innovation. Graco and 

ITW compete on price by offering reduced prices to their distributors in the form of volume 

discounts, payment of commissions to distributors for "switching" an end user, and other 

promotions on the sale of their equipment. Graco and ITW also compete on innovation, often 

developing new products to match offerings of the other firm. 

25. Graco and ITW are the largest suppliers of pumps, spray guns, and proportioners, 

and are close or the closest competitors in each category of products that are the subject ofthis 

complaint. When Graco and ITW win a competitive sale, they displace each other's products 

9 
more often than anyone else's. To grow share in a mature industry, a manufacturer must displace 

competitive product. 

26. Post-acquisition, distributors and industrial manufacturers will have no recourse to 

curb the loss of this competition. 

27. Other firms will not grow or expand to replace the loss of this competition, 

especially for installed base sales. Without a network of well-financed, capable distributors who 

can quickly furnish service and replacement parts to end users, firms cannot expect to penetrate 

these markets significantly. Fringe competitors lack the installed base to attract significant local 

distribution. Moreover, without a large installed base, new entrants will be unable to find 

adequate distribution. After the acquisition, most ofthe top North American distributors would 

not switch from Graco to carry or promote fringe competitors or new entrants. Distributors 

depend heavily on Graco and ITW for their business, fear retaliation from Graco if they carry 

other brands, and believe that their end users would not to embrace unfamiliar brands lacking 

long-term marketplace reliability and manufacturer credibility. The acquisition will exacerbate 

10 
the already substantial entry barriers presented by the limited pool of quality distributors with a 

substantial percentage of installed base sales opportunities, generally unavailable to 

less-established brands of industrial liquid finishing equipment. 

28. Graco's large installed base in end user plants makes it extremely difficult for 

competitors to expand their market presence. Only ITW has managed to retain significant and 

growing market presense, often at Graco's expense. 

29. 

Post-acquisition, Graco's distributors will not risk their Graco volume discounts, promotional 

programs, and their Graco component and aftermarket sales by promoting other manufacturers' 

products. Graco will be able to realize even greater percentage price increases over cost 

increases than they do today. 

30. Graco and ITW have the largest installed base of equipment sold to end users and 

the largest share of distributor sales and distributor loyalty. Graco and ITW have an advantage 

over other industrial liquid fmishing equipment manufacturers when 

and maintain distributors to push end user sales. 

to attract 

31. The transaction would eliminate both price and non-price competition between 

Graco and ITW for distributors and end users and enhance the merged entity's market power. 

11 
Relevant Product Markets 

32. From this evidence of anticompetitive effects, one can infer that certain of the 

products discussed below satisfy the hypothetical monopolist test used to identify relevant 

markets. Defendants' business documents track their sales by the following categories of 

equipment. 

33. The relevant product markets that would be affected by the transaction are no 

broader than the manufacture and sale of: 

a. liquid fmishing pumps for industrial use; 

b. liquid finishing applicators (spray guns) for industrial use; 

c. liquid finishing plural component equipment (proportioners) for industrial use; 

d. circulation pumps for paint systems used in automotive assembly plants; and 

e. industrial liquid finishing equipment for resale. 

Liquid Finishing Pumps for Industrial Use 

34. Industrial liquid finishing pumps transfer, distribute, or circulate paints and 

finishing liquids at a regulated pressure, flow rate, and temperature. A liquid fmishing system 

requires one or more pumps, depending on the scale of the finishing operation. Liquid finishing 

pumps encompass a variety of technologies (e.g., piston, centrifugal, double diaphragm, and 

rotary lobe), powered by different means (i.e., electric, hydraulic, and pneumatic), and operating 

at different pressures and flow rates. Brand reputation, a loyal installed base of end users, and 

the importance of quality distribution that can quickly service andlor replace those pumps are the 

key competitive dynamics for all industrial liquid fmishing pumps. 

12 
Liquid Finishing Spray Guns for Industrial Use 

35. Industrial liquid finishing spray guns are specialized equipment used to apply paint 

and other liquid coatings to a surface. Spray guns encompass a range of designs, such as airless 

guns, air-assisted airless guns, and manual electrostatic guns, and several relevant product 

markets may exist within the overall spray gun market. Although end users' demands are varied 

and specific, and a gun appropriate for one use will not always substitute for a spray gun used in a 

different setting, brand reputation, a loyal installed base of end users, and the importance of 

quality distribution that can quickly service and/or replace those spray guns are the key common 

competitive dynamics for all industrial liquid finishing spray guns. 

Liquid Finishing Proportioners for Industrial Use 

36. Plural-component equipment (proportioners) mix paint and other liquids in ratios 

before application to a product. Proportioners can handle multiple colors and catalysts and offer 

some flexibility in configuration. Brand reputation, a loyal installed base of end users, and the 

importance of quality distribution that can quickly service and/or replace those proportioners are 

the key competitive dynamics for all industrial liquid fmishing proportioners. 

Circulation Pumps for Paint Systems in Automotive Assembly Plants 

37. Paint circulation pumps used in automotive paint circulation systems are 

specialized equipment designed to circulate automotive paint and other liquid fmishes to various 

points along an assembly line. Auto manufacturers are highly sensitive to fmish quality and 

production costs. Automakers and automotive suppliers consider electric piston circulation 

pumps superior to other pump technologies in reliability and efficiency. Automakers generally 

13 
preapprove liquid finishing equipment manufacturers' pumps for use in automotive assembly 

plants; this approval can take two years or longer. 

Industrial Liquid Finishing Equipment for Resale 

38. Manufacturers ofliquid finishing equipment for industrial use rely predominantly 

on independent distributors to purchase equipment for resale with a variety of value-added 

services and equipment that end users demand. End users require immediate turnaround on 

service, sales, engineering, and support. Manufacturers best supply these services, especially to 

their installed base, throughout North America using local distribution. Industrialliquid 

finishing equipment manufacturers compete to provide the broadest set of products at the lowest 

delivered price, with prompt equipment delivery and service to the best resellers. 

GEOGRAPIDC MARKET 

39. A relevant geographic market in which to analyze the effects of the proposed 

acquisition is North America because of the high entry hurdles and entry barriers presented by the 

parties' large installed bases and the end use customers' need for immediate service and/or repair 

or replacement ofliquid finishing equipment. Distributors are largely bound to source liquid 

finishing equipment in North America in order to be able to provide the service and support their 

end users require. Only industrial liquid fmishing equipment manufacturers with a large 

installed base and sales staff in North America can profitably support this network of distribution. 

The importance of the installed base and local distribution means that overseas manufacturers 

with limited sales in North America wi11lack the economic incentive or ability to expand their 

North American sales. 

14 
PRESUMPTIVE ILLEGALITY OF THE ACQUISITION 

40. The acquisition will eliminate both price and non-price competition between Graco 

and ITW and increase the merged entity's market power, making it illegal. No countervailing 

benefits exist. 

41. The acquisition's effect on concentration renders it presumptively illegal. Graco 

and ITW are the two most significant competitors providing pumps, spray guns, and 

proportioners for industrial use in North America. Other manufacturers are fringe competitors 

with small North American sales and lack the ability to reposition or expand in a manner 

sufficient to ameliorate the anticompetitive effects ofthe transaction. 

42. Graco and ITW are the only providers currently supplying circulation pumps for 

use in automotive paint circulation systems, making this acquisition a de facto merger to 

monopoly for new sales in this market. 

43. Graco and ITW are the only providers effectively able to compete for the most 

capable distributors because of their broad liquid finishing equipment lines, large installed bases, 

and strong reputations for quality with end users. Other competitors with small North American 

sales, for the reasons previously stated, lack the economic incentives or ability to reposition or 

expand in a manner sufficient to ameliorate the reduced price competition resulting from the 

transaction. 

44. Each relevant product market is already highly concentrated, and the proposed 

acquisition would further increase concentration to presumptively anti competitive levels under 

the relevant case law and the Merger Guidelines. 

15 
ENTRY AND REPOSITIONING BARRIERS 

AND LACK OF EFFICIENCIES 

45. Substantial and effective entry, repositioning, or fringe firm growth sufficient to 

deter or counteract the anti competitive effects ofthe proposed acquisition is unlikely. This is 

because of the high entry hurdles and barriers that need to be overcome, which include, but are 

not limited to, the substantial time and expense to develop and market a sufficiently extensive 

product line to satisfy diverse end users' needs, establish marketplace credibility, build an 

installed base of end users, and develop an adequate distribution network. 

46. The most significant entry hurdles and barriers are reputation, installed base, and, 

connected to this, finding adequate distribution that can supply prompt service and/or repair or 

replace the equipment of the installed base. These factors present significant obstacles to 

expansion or repositioning by existing fringe competitors, as well as de novo entry. 

47. 

The difficult entry hurdles and barriers have enabled Graco to raise prices annually and to realize 

increased profits. ITW is the most significant constraint on Graco's ability to raise prices even 

further, a constraint that this transaction will eliminate. 

48. Extraordinary efficiencies specific to the transaction are necessary to justify the 

acquisition in light of high concentration and high potential to harm competition. Graco has no 

plans to integrate ITW's business or products with Graco. Any manufacturing synergies are 

unlikely for at least five years. 

16 
LIKELIHOOD OF SUCCESS ON THE MERITS, 

BALANCE OF EQUITIES, AND NEED FOR RELIEF 

49. In deciding whether to grant relief, the Court must balance the likelihood of the 

Commission's ultimate success on the merits against the public equities, using a sliding scale. 

Equities affecting only Defendants cannot tip the scale. 

50. The Commission's administrative complaint raises questions about the lawfulness 

of Defendants' proposed acquisition under the Clayton Act and the FTC Act that are serious, 

substantial, difficult, or doubtful enough to make them fair ground for thorough investigation, 

study, deliberation, and determination by the Commission during the administrative proceeding in 

the first instance, subject to appellate review. 

51. The Commission has reason to believe that the proposed transaction if 

consummated may substantially lessen competition in violation of Section 7 of the Clayton Act 

and that the acquisition agreement violates Section 5 ofthe FTC Act. In particular, the Complaint 

Counsel for the Commission is likely ultimately to succeed in demonstrating, among other things, 

that: 

a. The proposed acquisition would have anticompetitive effects in markets no 

broader that the manufacture and sale of liquid finishing pumps, spray guns, and 

proportioners for industrial end use, the manufacture and sale of circulation pumps 

for paint systems in automotive assembly plants, and the manufacture and sale of 

industrial liquid finishing equipment for resale, and 

b. Substantial and effective entry into these markets is difficult, and would not be 

likely, timely, or sufficient to offset the anticompetitive effects of the transaction; 

and 

17 
c. Any efficiencies or synergies that Defendants may assert will result from the 

acquisition are speculative, not transaction-specific, and are, in any event, 

insufficient as a matter of law to justify the acquisition. 

52. Should the Commission rule, after the full administrative trial, that the proposed 

transaction is unlawful, completely reestablishing the status quo ante of vigorous competition 

between Graco and ITW would be difficult, if not impossible, if the acquisition has already 

occurred. Moreover, substantial harm to competition would likely occur in the interim, even if 

one could devise suitable divestiture remedies. 

53. Accordingly, the equitable relief requested here is in the public interest. 

WHEREFORE, the Commission respectfully requests that the Court: 

1. Temporarily restrain and preliminarily enjoin Graco Inc., Illinois Tool Works Inc., 

and ITW Finishing LLC from taking any further steps to consummate the proposed acquisition, or 

any other acquisition of stock, assets, or other interests, either directly or indirectly; 

2. Retain jurisdiction and maintain the status quo until the administrative proceeding 

that the Commission has initiated is concluded; and 

3. Award such other and further relief as the Court may determine is appropriate, 

just, and proper. 

18 
December 15,2011 

19 

Assistant Director 

PETER RICHMAN 

MARC W. SCHNEIDER 

BRIAN TELPNER (D.C. BarNo. 462812) 

ROBERT FRIEDMAN 

AMANDA HAMILTON (D.C. Bar No. 499646) 

CATHLIN TULLY 

ANNA CHEHTOVA 

Attorneys 

Federal Trade Commission 

600 Pennsylvania Avenue, N.W. 

Washington, DC 20580 

(202) 326-2805 

Richard A. Feinstein 

Director 

Norman A. Armstrong, Jr. 

Deputy Director 

Federal Trade Commission 

Bureau of Competition 

Willard K. Tom 

General Counsel 

Federal Trade Commission 

Attorneys for the Plaintiff 
CERTIFICATE OF SERVICE 

I HEREBY CERTIFY that on the 15th day of December 2011, I filed the attached 

document with the clerk of the court. 

I FURTHER CERTIFY that on such date I served the attached on the following counsel 

by electronic mail (PDF) and Federal Express: 

Richard G. Parker 

O'Melveny & Myers LLP 

1625 Eye Street, NW 

Washington, DC 20006 

RParker@omm.com 

Counsel for Defendant Graco Inc. 

J. Robert Robertson 

Hogan Lovells US LLP 

Columbia Square 

555 Thirteenth Street, NW 

Washington, District of Columbia 20004 

Robby.Robertson@hoganlovells.com 

Counsel for Defendants Illinois Tool Works Inc. and 

ITW Finishing LLC 

20