 | |
| Company type | Public |
|---|---|
| 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 |
|
| Revenue |  US$15.9 billion (2024) |
 US$4.26 billion (2024) | |
| 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 |
| Footnotes / references [1] | |
Illinois Tool Works Inc. (ITW) is an AmericanFortune 500[2] company that produces engineeredfasteners 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 andpending patent applications worldwide.[4] The company is based inGlenview, Illinois, a suburb ofChicago.
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 incorporatedWynn Oil Company at 1222 Duarte Road, San Gabriel, California[9]
ITW comprises a number of subsidiaries. Notable brands includeHobart,Miller Electric,Paslode, Foster Refrigerator,[10]Brooks Instrument, and Permatex adhesives. In August 2018, U.S. Tax Court JudgeAlbert 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]
TheUnited States Department of Commerce imposed a $142,000civil 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 ofchemical weapons as well.[12]
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.
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