Diversified industrial manufacturer Illinois Tool Works announced Thursday it will buy newspaper handling equipment maker Quipp Inc., Reuters reported.

The deal is expected to be between US$6.4 million and $8.4 million, and the final price will be decided based on Quipp's cash, cash equivalents and debts.

The final price, which would range between $4.30 and $5.65 per share, was agreed upon unanimously by Quipp's board, which added that the deal would not go through if the final price goes under the $4.30 mark, Reuters reported.

Share prices Thursday morning for Quipp were at $4.50 on the Nasdaq, while Illinois Tool Works shares were at $48.66 on the NYSE, according to Reuters.

There were no reports as of Thursday afternoon on how the sale would affect newspapers that use Quipp equipment.