Illinois Tool Works

Illinois Tool Works Inc.
Company typePublic
NYSE: ITW
S&P 500 Component
IndustryManufacturing
Founded1912; 114 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)
RevenueDecrease US$15.9 billion (2024)
Increase US$4.26 billion (2024)
Increase US$3.49 billion (2024)
Total assetsDecrease US$15.1 billion (2024)
Total equityIncrease US$3.32 billion (2024)
Number of employees
44,000 (2024)
Websitewww.itw.com Edit this at Wikidata
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 2024Category:Articles containing potentially dated statements from 2024Category:All articles containing potentially dated statements, 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.

Wynn's

Wynn's International was begun by a 70-year-old retired attorney, Chestein Wynn, in a garage in San Gabriel, California, making a product to reduce friction in engines.[5][6][7][8] On May 28, 1947 , Carl Wynn incorporated Wynn Oil Company at 1222 Duarte Road, San Gabriel, California[9]

ITW subsidiaries

ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric, Paslode, Foster Refrigerator,[10] 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.[11]

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.[12]

References

  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. ↑ "Wynn's International, Inc". Encyclopedia.com. Retrieved 18 October 2025.
  6. ↑ "Wynn's aboard". Supercars .com. Retrieved 18 October 2025.
  7. ↑ "Our Story". Wynns USA. Retrieved 18 October 2025.
  8. ↑ "SAN GABRIEL VALLEY SUPERFUND SITES - Unilateral Administrative Order" (PDF). United States Environmental Protection Agency. 2002. Archived from the original (PDF) on 18 October 2025. Retrieved 18 October 2025.
  9. ↑ "About Wynn's". Wynn's Australia. Retrieved 18 October 2025. On May 28, 1947 ... incorporated ... Wynn Oil Company at 1222 Duarte Road, San Gabriel, California. ; April 1, 1948, Fire destroyed the two car garage. Within a few short weeks ... resume operation ... at Azusa, California ; Wynn's Belgium was established in 1958 ; In 2005 Wynn's became part of the Performance Polymers division of Illinois Tool Works.
  10. ↑ "Commercial Refrigeration Equipment | Commercial Fridges and Freezers". Foster Refrigerator. Archived from the original on 2012-09-10. Retrieved 2012-09-23.
  11. ↑ Note, Recent Case: Tax Court Holds in Favor of Taxpayer on Loan Between Foreign Subsidiaries, 132 Harv. L. Rev. 2378 (2019).
  12. ↑ "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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