Illinois Tool Works

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Illinois Tool Works Inc.

logo
legal form Incorporated
ISIN US4523081093
founding 1912
Seat Glenview (Illinois) , United StatesUnited StatesUnited States 
management E. Scott Santi, CEO
Number of employees 45,000
sales 14.1 billion US dollars
Branch Conglomerate
Website www.itw.com
As of December 31, 2019

Illinois Tool Works ( ITW ) is a US company headquartered in Glenview , Illinois . ITW is listed in the S&P 500 share index. The ITW Group has around 825 subsidiaries in 56 countries that employ over 49,000 people.

history

The company was founded in 1912 in Chicago by financier Byron L. Smith . He found four partners; Frank W. England, Paul B. Goddard, Oscar T. Hogg, and Carl G. Olson; who shared his visions and participated in the investment. Together, these forward-thinking entrepreneurs formed a company that manufactures and sells metal cutting tools, Illinois Tool Works .

The company expanded its original metal cutting tools with other products such as truck transmissions and pumps during the World War.

With the company Signode founded by John (Jack) W. Leslie, a company was later taken over that produced coil steel strip and seals for the packaging of containers and products.

The DeVilbiss family worked hard on an adjustable nozzle with a spray gun. Their innovative results in the development of finishing spray applications for the application of paint later made the DeVilbiss Group an important pillar of the ITW business field.

Another company was acquired with the Hobart Brothers Company run by CC Hobart and his sons (Edward A. and William H.) . It was the first company to manufacture a battery charger and successfully sell it on the market.

1920

ITW engineers developed the Shakeproof Twisted Tooth Spring Washer.

Hobart Brothers built their first electric arc welding system.

1930s

Byron Harold Smith, grandson of Byron L. Smith, joined the company and later succeeded his father, Harold C., as president.

Hobart Brothers produced the first coated electrode filler welding machine.

Harold Ransburg experimented with using high voltage in spray painting to reduce waste and improve the surface coating. Over time, his company grew and specialized in electrostatic coating before it was acquired by ITW.

1940s

During the Second World War , ITW developed some armaments products.

Under the direction of Harold B. Smith, ITW decentralized its operations to better focus on specific markets; a strategy that ITW is still following today.

1950s

Shakeproof achieved further success with the plastic closure for automotive applications, which Fastex further developed into a mass product for other industries as well.

The Licon Group started producing electrical switches and related products and grew and expanded into "ITW Switches".

1960s

With its 50th anniversary, the company was officially named Illinois Tool Works (ITW) and shortly thereafter was listed on the New York Stock Exchange with its first share priced at $ 26.

Thanks to its developments for the construction industry, ITW became the only company in the world that manufactured fastening systems for the wood, metal and concrete industries. At the same time, the six-pack ring was invented in the beverage packaging industry with the new hi-membrane technology.

ITW expanded its global presence with the acquisition of the German Ateco and the Australian company WA Deutsher. Ateco took over the distribution of Shakeproof and other products on the European markets and WA Deutsher in the construction, industrial and packaging markets.

1970s

The 1970s saw rapid growth in components, bolts, filters and assemblies for the automotive industry around the world, along with new sealants, sorbents and other specialty chemicals for industrial maintenance.

ITW acquired Chronomatic, which developed the proprietary polymer technology for manufacturing dashboards for the automotive industry. Fastex has been instrumental in driving continued advances in the use of plastics in the automotive industry.

With the acquisition of Devcon, ITW took an important step in consolidating its market position in the field of adhesives and epoxies for a large number of industrial applications.

1980s

In the 1980s, ITW began to take over further companies and thus to expand their reach significantly. More than three dozen acquisitions serve to open up both existing and new markets. Dykem, Magnaflux, Mima, Minigrip, Norwood Marking, Paslode, Philadelphia Resins, Plastiglide, Ransburg Corporation (with Gema, Micro-Poise and SIMCO), Shippers Paper Products, Signode and SPIT.

The company doubled its sales with the acquisition of Signode, a leading multinational manufacturer of metal and plastic tapes, stretch film, industrial cassettes. ITW also increased its activities in the finishing systems market with the acquisition of companies that are active in liquid and powder applications for conventional and electrostatic painting.

1990s

In the 1990s ITW increased its presence with acquisitions in the important markets of metal manufacturing, welding production and packaging with improved products for sealing, cardboard printing, paper, shrink and stretch packaging and palletizing products and systems. Approximately 100 global acquisitions have been made, including Akron Standard, Premium Fasteners and Stampings, CS Packaging, DeVilbiss / Volstatic, Dynatec, Hobart Brothers Company, Miller Group, Orgapack, Trans Tech, Silicones and Vortec.

With the acquisition of Premark International , a manufacturer of food equipment, ITW achieved one of its largest acquisitions in the company's history. Premark includes the well-known brand names Hobart, Wilsonart, Vulcan and Traulsen.

2000

ITW continued to pursue the proven strategy of increasing market penetration with product innovations, expanding existing markets for new industries and acquiring companies.

The product range includes the following categories:

  • Industrial packaging
  • Power Systems & Electronics
  • Transportation
  • Construction products
  • Food equipment
  • Decorative surfaces
  • Polymers & Fluids

Subsidiaries

The following subsidiaries belong to ITW (as of 2019):

  • Avery Weigh-Tronix Scales for Agribusiness
  • Brecknell
  • Dillon Force Measurement Equipment
  • Exactrak - Real time vehicle tracking

ITW Spraytec

ITW Spraytec offers various products for maintenance, repair and industrial applications under the brands Varybond ( adhesives ), Anti-Seize ( hot screw compound ), Cramolin (cleaner and paint), Rocol (line marking) , Dykem (marker pens ) and Scrubs (hand cleaning cloths) here.

Web links

Individual evidence

  1. ↑ Management team
  2. ↑ a b Annual Report 2019 (PDF), accessed on May 22, 2020 (English)
  3. ↑ Corporate Family | Avery Weigh-Tronix. Retrieved March 20, 2019 .
  4. ↑ ITW Spraytec Europe. Retrieved March 20, 2019 .