GLENVIEW, Ill. -- Engineering tool manufacturer Illinois Tool Works Inc. said its board of directors has approved the divestiture of its $483 million consumer products business, including its Florida Tile subsidiary.

Illinois Tool said the three parts of the consumer business -- Precor exercise equipment, West Bend appliances and Florida Tile -- were not a strategic fit with the company's traditional business model. The company said it does not expect to incur a charge to earnings for the divestiture of the business, which had combined revenues of $483 million in 2000.

However, the company said, it will restate its earnings for the current quarter and prior quarters to reflect the consumer business as discontinued operations.