ITW said it expects the process for the segment, which covers paper and plastic products that protect goods in transit, metal jacketing and insulation, plastic stretch film and related equipment as its primary products, to last through the remainder of 2013.
The segment includes brands such as Signode, Strapex, Angleboard and Mima and had 2012 revenues of $2.4bn.
"As part of the execution of ITW's enterprise strategy and portfolio management initiative, we are starting a process to explore strategic options for our Industrial Packaging segment, which may include a sale or spin-off of the business," said E. Scott Santi , president and chief executive officer.
The move does not affect the Food Equipment and Polymers and Fluids segments which operate in the food and beverage sector.