TUCSON, AZ (BRAIN)—Genuine Innovations is now a part of Illinois Tool Works (ITW), which runs 840 businesses in 57 countries and is one of the nation’s largest companies.
“There are no plans to move the company. And I’m pretty excited to have the capital and the road map now to chase other business,” said Joe McCarthy, Innovations in Cycling’s president. Innovations in Cycling is the parent company of Genuine Innovations. McCarthy will continue to lead the company as president.
McCarthy said Slime is the only other bicycle-related business owned by ITW, opening the way for co-developed products in the future.
Tony Hollars and Jeff Bleeker founded Innovations in Cycling in 1989 to produce CO2 bike tire inflators. As it grew, the company expanded beyond bicycle products, which represent 60 percent of its business, leveraging its expertise in pressurized gas valves and regulators. It still designs and manufactures everything it sells in Tucson.
Its first products outside the bike industry were CO2 fit systems developed with Reebok to snug up shoes and football helmets. The company now provides CO2 pressurization equipment for beer and wine dispensing, and gas valves and regulators for the medical industry.
“After Jeff and Tony retired in 2006, they were looking to sell the business. So they didn’t want to risk further investment in the company,” said McCarthy, who transitioned into the president’s role in 2007 as the founders became less involved.
“I’ve got a whole library of new ideas to pitch, so I’m quite excited the sale is over and we can move the business forward now,” McCarthy added.