Illinois Tool Works

Last updated
Illinois Tool Works Inc.
Company type Public
NYSE:  ITW
S&P 500 Component
Industry Manufacturing
Founded1912;112 years ago (1912)
FounderByron L. Smith
Headquarters Glenview, Illinois, U.S.
Area served
Worldwide
Key people
  • E. Scott Santi (Chairman)
  • Christopher A. O'Herlihy (President & CEO)
RevenueIncrease2.svgUS$14.1B (2019) [1]
Number of employees
45,000 (2019) [2]
Website www.itw.com OOjs UI icon edit-ltr-progressive.svg

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]

Contents

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 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]

Related Research Articles

Corporate haven, corporate tax haven, or multinational tax haven is used to describe a jurisdiction that multinational corporations find attractive for establishing subsidiaries or incorporation of regional or main company headquarters, mostly due to favourable tax regimes, and/or favourable secrecy laws, and/or favourable regulatory regimes.

<span class="mw-page-title-main">Hitachi</span> Japanese multinational engineering and electronics company

Hitachi, Ltd. is a Japanese multinational conglomerate founded in 1910 and headquartered in Chiyoda, Tokyo. The company is active in a range of industries, including digital systems, power and renewable energy solutions, railway systems, healthcare products, and financial systems.

Halliburton Company is an American multinational corporation and the world's second largest oil service company which is responsible for most of the world's largest fracking operations. It employs approximately 55,000 people through its hundreds of subsidiaries, affiliates, branches, brands, and divisions in more than 70 countries. The company, though incorporated in the United States, has dual headquarters located in Houston and in Dubai.

<span class="mw-page-title-main">ADM (company)</span> American food processing and commodities trading corporation

The Archer-Daniels-Midland Company, commonly known as ADM, is an American multinational food processing and commodities trading corporation founded in 1902 and headquartered in Chicago, Illinois. The company operates more than 270 plants and 420 crop procurement facilities worldwide, where cereal grains and oilseeds are processed into products used in food, beverage, nutraceutical, industrial, and animal feed markets worldwide.

Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Green Oaks, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products. It split off its research-based pharmaceuticals business into AbbVie in 2013.

<span class="mw-page-title-main">Haier</span> Chinese multinational consumer electronics and home appliance company

Haier Group Corporation is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washing machines, dryers, microwave ovens, mobile phones, computers, and televisions. The home appliances business, namely Haier Smart Home, has seven global brands – Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, Aqua and Candy.

<span class="mw-page-title-main">Ryder</span> American transportation company

Ryder System, Inc. is an American transportation and logistics company. It is known for its fleet of commercial rental trucks.

<span class="mw-page-title-main">Caterpillar Inc.</span> American construction-equipment manufacturer

Caterpillar Inc., also known simply as CAT, is an American construction, mining and other engineering equipment manufacturer. The company is the world's largest manufacturer of construction equipment. In 2018, Caterpillar was ranked number 73 on the Fortune 500 list and number 265 on the Global Fortune 500 list. Caterpillar stock is a component of the Dow Jones Industrial Average.

Wind River Systems, also known as Wind River, is an Alameda, California–based company, subsidiary of Aptiv PLC. The company develops embedded system and cloud software consisting of real-time operating systems software, industry-specific software, simulation technology, development tools and middleware.

<span class="mw-page-title-main">Bloomberg Industry Group</span> Legal, tax and regulatory news company

Bloomberg Industry Group is an affiliate of Bloomberg L.P. and a source of legal, tax, regulatory, and business news and information for professionals. It is headquartered in Arlington County, Virginia. The CEO of the company is Josh Eastright.

<span class="mw-page-title-main">PTT Public Company Limited</span> Thai state-owned oil and gas company

PTT Public Company Limited or simply PTT is a Thai state-owned SET-listed oil and gas company. Formerly known as the Petroleum Authority of Thailand, it owns extensive submarine gas pipelines in the Gulf of Thailand, a network of LPG terminals throughout the kingdom, and it is involved in electricity generation, petrochemical products, oil and gas exploration and production, and gasoline retailing businesses. The company also owns Café Amazon, a popular coffee chain throughout South East Asia, which shops are often located next to PTT gas stations or inside malls.

<span class="mw-page-title-main">Dover Corporation</span> American industrial conglomerate corporation

Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV". Dover was ranked 433rd in the 2022 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.

<span class="mw-page-title-main">3M</span> American multinational corporation

3M Company is an American multinational conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods. The company produces over 60,000 products under several brands, including adhesives, abrasives, laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical and electronic connecting and insulating materials, medical products, car-care products, electronic circuits, healthcare software, and optical films. It is based in Maplewood, a suburb of Saint Paul, Minnesota.

Vitol Kompany is a Swiss-based Dutch multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics and distribution are at the core of its business, these are notably complemented by refining, shipping, terminals, exploration and production, power generation, and retail businesses. Vitol has over 40 offices worldwide, with its largest operations in Geneva, Houston, London, and Singapore.

<span class="mw-page-title-main">Prestcold</span>

Prestcold was a British refrigerator manufacturer, established by the Pressed Steel Co. Ltd of Oxford in 1934. It manufactured both domestic and commercial refrigeration equipment. Through its history, it was closely related to automotive manufacturing, particularly that of Morris Motors and successor British Leyland. Refrigerators were originally produced alongside car bodies at the Pressed Steel facility built for Morris, adjacent to the Morris factory.

Rain-X is a synthetic hydrophobic surface-applied product that causes water to bead up and run off surfaces, most commonly used on glass automobile surfaces. The brand has since been extended to a range of automotive and surface care products, including wiper blades.

<span class="mw-page-title-main">AmTrust Financial Services</span> New York City-based multinational property and casualty insurance company

AmTrust Financial Services, Inc., is a New York City-based multinational property and casualty insurance company, offering workers’ compensation, general liability, business owners policies (BOP), cyber liability, employment practices liability (EPLI) and more. Operating through its subsidiaries, its operations are divided into three segments: small commercial business insurance, specialty risk and Extended Warranty insurance, and Specialty Middle-Market Property and Casualty insurance. The company's main regions of operations are North America, United Kingdom, and mainland Europe. AmTrust is rated “A−” (Excellent) by AM Best Company. Barry Zyskind is the chairman and CEO.

<span class="mw-page-title-main">Midea Group</span> Chinese home appliance manufacturer and air conditioner OEM

Midea Group is a Chinese electrical appliance manufacturer, headquartered in Beijiao town, Shunde District, Foshan, Guangdong and listed on Shenzhen Stock Exchange. As of 2021, the firm employs approximately 150,000 people in China and overseas with 200 subsidiaries and over 60 overseas branches. Midea Group is listed on Shenzhen Stock Exchange since 2013. It has been listed on the Fortune Global 500 since July 2016. Midea produces lighting, water appliances, floor care, small kitchen appliances, laundry, large cooking appliances, and refrigeration appliances. It is the largest microwave oven manufacturer, and acts an OEM for many brands. It also has a long history in producing home and commercial products in heating, ventilation and air conditioning (HVAC). It is the world's largest producer of robots and appliances.

<span class="mw-page-title-main">Walton Group</span> Bangladeshi smartphone, Motorcycle, computer, Laptop manufacturer company

Walton is a conglomerate based in Gazipur, Bangladesh. It was founded in 1977 by S.M Nazrul Islam and operates in consumer electronics, home appliance, mobile phone, automobiles, and retail. The group's flagship company is Walton Hi-Tech Industries PLC..

<span class="mw-page-title-main">Dutch Sandwich</span> Dutch withholding tax avoidance tool

Dutch Sandwich is a base erosion and profit shifting (BEPS) corporate tax tool, used mostly by U.S. multinationals to avoid incurring European Union withholding taxes on untaxed profits as they were being moved to non-EU tax havens. These untaxed profits could have originated from within the EU, or from outside the EU, but in most cases were routed to major EU corporate-focused tax havens, such as Ireland and Luxembourg, by the use of other BEPS tools. The Dutch Sandwich was often used with Irish BEPS tools such as the Double Irish, the Single Malt and the Capital Allowances for Intangible Assets ("CAIA") tools. In 2010, Ireland changed its tax-code to enable Irish BEPS tools to avoid such withholding taxes without needing a Dutch Sandwich.

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. 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.
  5. "Illinois Tool Works". ITW.com. Archived from the original on 2018-11-23. Retrieved 2018-11-23.
  6. 1 2 "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.