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Illinois Tool Works

From Wikipedia - Reading time: 7 min
Illinois Tool Works Inc.
Company typePublic
NYSE: ITW
S&P 500 Component
IndustryManufacturing
Founded1912; 112 years ago (1912)
FounderByron L. Smith
HeadquartersGlenview, Illinois, U.S.
Area served
Worldwide
Key people
  • E. Scott Santi (Chairman)
  • Christopher A. O'Herlihy (President & CEO)
RevenueIncreaseUS$14.1B (2019)[1]
Number of employees
45,000 (2019)[2]
Websitewww.itw.com Edit this at Wikidata

Illinois Tool Works Inc. or ITW is an American Fortune 200[3] company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. It was founded in 1912 by Byron L. Smith and has built its growth on a "small-wins strategy" based on decentralization, simplicity, customer-focused innovation, and acquisitions.[4]

Today, it employs approximately 45,000 people[5] in hundreds of businesses across 53 countries,[6] and is based in Glenview, Illinois, a suburb of Chicago.

ITW has more than 18,000 granted and pending patent applications worldwide.[6] The company typically ranks in the top 100 of patent issuers in the U.S.[citation needed]

ITW subsidiaries

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ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator,[7] Brooks Instrument, and Permatex adhesives. In August 2018, U.S. Tax Court Judge Albert G. Lauber determined that ITW owed no tax on over $356 million in repatriated funds from its foreign subsidiaries because the transactions had been sufficiently structured as debt.[8]

Illegal exports

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The United States Department of Commerce imposed a $142,000 civil penalty on Illinois Tool Works in 2000, to settle allegations that the company illegally exported chemicals to Brazil on seven occasions between March 1994 and October 1997 without the required licenses and making false or misleading statements on Shipper's Export Declarations. Illinois Tool Works agreed to pay the penalty. $37,000 was suspended as part of the settlement. The chemicals exported can be used for commercial purposes and in the making of chemical weapons as well.[9]

References

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  1. ^ investor.itw.com
  2. ^ "ITW | Global Diversified Manufacturer". Archived from the original on 2019-06-05. Retrieved 2019-06-05.
  3. ^ "Fortune 500 List of Companies 2022". Fortune. Retrieved 1 July 2021.
  4. ^ Nitin Pangarkar (12 February 2019). "Illinois Tool Works: Making a big impact with small‐wins strategy". Global Business and Organizational Excellence. 38 (3): 18–25. doi:10.1002/JOE.21919. ISSN 1932-2054. Wikidata Q104920246.
  5. ^ "Illinois Tool Works". ITW.com. Archived from the original on 2018-11-23. Retrieved 2018-11-23.
  6. ^ a b "ITW website". ITW. Archived from the original on 2016-08-18. Retrieved 2016-08-04.
  7. ^ "Commercial Refrigeration Equipment | Commercial Fridges and Freezers". Foster Refrigerator. Archived from the original on 2012-09-10. Retrieved 2012-09-23.
  8. ^ Note, Recent Case: Tax Court Holds in Favor of Taxpayer on Loan Between Foreign Subsidiaries, 132 Harv. L. Rev. 2378 (2019).
  9. ^ "U. S. Bureau of Industry and Security - Illinois Company Settles Charges of Unlawful Exports of Chemicals". Bis.doc.gov. 2000-05-02. Archived from the original on March 20, 2012. Retrieved 2012-09-23.
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