Illinois Tool Works
{{short description|American company}}
{{Infobox company
| name = Illinois Tool Works Inc.
| logo = Illinois Tool Works logo.svg
| type = Public
| traded_as = {{NYSE|ITW}}
S&P 500 Component
| foundation = {{start date and age|1912}}
| founder = Byron L. Smith
| location = Glenview, Illinois, U.S.
| area_served = Worldwide
| key_people = {{Unbulleted list
|E. Scott Santi (Chairman)
|Christopher A. O'Herlihy (President & CEO)
}}
| industry = Manufacturing
| revenue = {{decrease}} {{US$|15.9 billion|link=yes}} (2024)
| operating_income = {{increase}} {{US$|4.26 billion}} (2024)
| net_income = {{increase}} {{US$|3.49 billion}} (2024)
| assets = {{decrease}} {{US$|15.1 billion}} (2024)
| equity = {{increase}} {{US$|3.32 billion}} (2024)
| num_employees = 44,000 (2024)
| homepage = {{official URL}}
}}
Illinois Tool Works Inc. (ITW) is an American Fortune 500{{cite web |title=Fortune 500 List of Companies 2022 |url=https://fortune.com/fortune500/2022/search/ |publisher=Fortune |access-date=1 July 2021}} 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.{{Cite Q|Q104920246}}
{{As of|2024}}, ITW employed 44,000 employees in 51 countries and held 20,900 granted and pending patent applications worldwide.{{Cite web |title=Discover ITW |url=https://www.itw.com/about-itw/discover-itw/ |access-date=2025-04-14 |website=ITW |language=en}} The company is based in Glenview, Illinois, a suburb of Chicago.
ITW subsidiaries
ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator,{{cite web |url=http://www.fosterrefrigerator.co.uk |title=Commercial Refrigeration Equipment | Commercial Fridges and Freezers |publisher=Foster Refrigerator |access-date=2012-09-23 |archive-date=2012-09-10 |archive-url=https://web.archive.org/web/20120910054736/http://www.fosterrefrigerator.co.uk/ |url-status=live }} 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.{{Bluebook journal |first=|last=Note| title=Recent Case: Tax Court Holds in Favor of Taxpayer on Loan Between Foreign Subsidiaries| volume=132 | journal=Harv. L. Rev. | page=2378 | url=http://harvardlawreview.org/wp-content/uploads/2019/06/2378_2385_Online.pdf| year=2019}}
Illegal exports
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.{{cite web|url=http://www.bis.doc.gov/news/archive2000/illinoistoolworks.htm |title=U. S. Bureau of Industry and Security - Illinois Company Settles Charges of Unlawful Exports of Chemicals |publisher=Bis.doc.gov |date=2000-05-02 |access-date=2012-09-23 |url-status=dead |archive-url=https://web.archive.org/web/20120320125303/http://www.bis.doc.gov/news/archive2000/illinoistoolworks.htm |archive-date=March 20, 2012 }}
References
{{Reflist|30em}}
External links
{{commonscat}}
- {{Official website}}
{{Finance links
| name = Illinois Tool Works
| symbol = ITW
| sec_cik = ITW
| yahoo = ITW
| google = ITW
}}
{{Illinois Tool Works}}
{{Illinois Corporations}}
{{Authority control}}
Category:Tool manufacturing companies of the United States
Category:Manufacturing companies based in Illinois
Category:Companies based in Glenview, Illinois
Category:Manufacturing companies established in 1912
Category:1912 establishments in Illinois