Illinois Tool Works

American company

Illinois Tool Works Inc.

Company type| Public

Traded as

| NYSE: ITW
S&P 500 Component
Industry| Manufacturing
Founded| 1912; 113 years ago (1912)
Founder| Byron L. Smith
Headquarters| Glenview, Illinois, U.S.

Area served

| Worldwide

Key people

* E. Scott Santi (Chairman)
* Christopher A. O'Herlihy (President & CEO)

Revenue|  US$15.9 billion (2024)

Operating income

|  US$4.26 billion (2024)

Net income

|  US$3.49 billion (2024)
Total assets|  US$15.1 billion (2024)
Total equity|  US$3.32 billion (2024)

Number of employees

| 44,000 (2024)
Website| www.itw.com
Footnotes / references
[1]

Illinois Tool Works Inc. (ITW) is an American Fortune 500[2] 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.[3]

As of 2024[update], ITW employed 44,000 employees in 51 countries and held 20,900 granted and pending patent applications worldwide.[4] The company is based in Glenview, Illinois, a suburb of Chicago.

## ITW subsidiaries

[edit]

ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator,[5] 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.[6]

## Illegal exports

[edit]

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.[7]

## References

[edit]

1. ^ "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 14, 2025.
2. ^ "Fortune 500 List of Companies 2022". Fortune. Retrieved 1 July 2021.
3. ^ 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.
4. ^ "Discover ITW". ITW. Retrieved 2025-04-14.
5. ^ "Commercial Refrigeration Equipment | Commercial Fridges and Freezers". Foster Refrigerator. Archived from the original on 2012-09-10. Retrieved 2012-09-23.
6. ^ Note, Recent Case: Tax Court Holds in Favor of Taxpayer on Loan Between Foreign Subsidiaries, 132 Harv. L. Rev. 2378 (2019).
7. ^ "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.

## External links

[edit]

Wikimedia Commons has media related to Illinois Tool Works.

* Official website

* Business data for Illinois Tool Works:

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Illinois Tool Works

Subsidiaries|

* Hobart Corporation
* ITW Mima Packaging Systems
* Miller Electric
* Avery Weigh-Tronix

Former subsidiaries|

* Click Commerce
* Crane Carrier Corporation

* v
* t
* e

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Related topics|

* Breweries in Illinois
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Authority control databases

International|

* ISNI
* VIAF

National|

* Germany
* United States

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