Illinois Tool Works designs and produces an array of highly engineered fasteners and components, equipment and consumable systems, and specialty products and equipment for customers around the world.
The company preaches an 80/20 philosophy where 80 percent of a business' sales are derived from the 20 percent of its product offering being sold to key customers.
The company has business units in 45 countries and 600 subsidiaries.
Illinois Tool Works was founded in 1912 when Chicago financier Byron Smith and four investors formed a company to build and sell metal-cutting tools.
In 2004, the company reported revenues of $11.7 billion and net income of $1.3 billion.
Updated September 10, 2005