Illinois Tool Works

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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

ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator,[7] Brooks Instrument. 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

The

chemical weapons as well.[9]

References

  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. 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.

External links

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