Illinois Tool Works
| File:Illinois Tool Works logo.svg | |
| Company type | Public |
|---|---|
| NYSE: ITW S&P 500 Component | |
| Industry | Manufacturing |
| Founded | 1912 |
| Founder | Byron L. Smith |
| Headquarters | Glenview, Illinois, U.S. |
Area served | Worldwide |
Key people |
|
| Revenue | IncreaseUS$14.1B (2019)[1] |
Number of employees | 45,000 (2019)[2] |
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, 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.[8]
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.[9]
References
- ↑ investor.itw.com
- ↑ "ITW | Global Diversified Manufacturer". Archived from the original on 2019-06-05. Retrieved 2019-06-05.
- ↑ "Fortune 500 List of Companies 2022". Fortune. Retrieved 1 July 2021.
- ↑ No label or title -- debug: Q104920246, Wikidata Q104920246
- ↑ "Illinois Tool Works". ITW.com. Archived from the original on 2018-11-23. Retrieved 2018-11-23.
- ↑ 6.0 6.1 "ITW website". ITW. Archived from the original on 2016-08-18. Retrieved 2016-08-04.
- ↑ "Commercial Refrigeration Equipment | Commercial Fridges and Freezers". Foster Refrigerator. Archived from the original on 2012-09-10. Retrieved 2012-09-23.
- ↑ Note, Recent Case: Tax Court Holds in Favor of Taxpayer on Loan Between Foreign Subsidiaries, 132 Harv. L. Rev. 2378 (2019).
- ↑ "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
- No URL found. Please specify a URL here or add one to Wikidata.
- Business data for Illinois Tool Works:
- Articles with short description
- Short description with empty Wikidata description
- All articles with unsourced statements
- Articles with unsourced statements from January 2011
- Commons category link is the pagename
- Official website missing URL
- Tool manufacturing companies of the United States
- Manufacturing companies based in Illinois
- Companies based in Glenview, Illinois
- Manufacturing companies established in 1912
- 1912 establishments in Illinois
- Companies listed on the New York Stock Exchange
- Companies in the S&P 500 Dividend Aristocrats