In 1912 on the eve of World War I, Chicago financier Byron L. Smith placed an ad seeking an investment opportunity for, "a growing manufacturing business." Four men answered:
Frank W. Eng... Read more >, Paul B. Goddard, Oscar T. Hogg and Carl G. Olson. Together, these forward-thinking businessmen formed a company to manufacture and sell metal-cutting tools.
In the following decades, the business grew steadily with the added production of transmissions, pumps, compressors and steering assemblies. Meanwhile, the use of plastics in fasteners, components and assemblies accounted for a growing portion of the company's operations.
By its 50th anniversary, the company had been officially named Illinois Tool Works Inc. (ITW) and was soon listed on the New York Stock Exchange. Since then, ITW's performance has been consistently strong, with each new decade significantly adding to the company's growth:
During the 1960s, ITW's product developments for the construction industry led to its position as the only company in the world that produces fastening systems for wood, metal and concrete/masonry applications. Also during that decade, the beverage packaging industry was transformed with the invention of ITW's Hi-Cone six-pack carrier ring.
The 1970s saw rapid growth of ITW's manufacturing of components, fasteners, filters and assemblies for automotive companies around the world, along with new capabilities to provide sealants, sorbent materials and other specialty chemical products used in industrial maintenance.
In the 1980s, ITW began to significantly increase its acquisition activity as the company nearly doubled its revenues with the acquisition of Signode, a leading multinational manufacturer of metal and plastic strapping, stretch film, industrial tape, application equipment and related products. By the close of the decade, ITW entered the finishing systems market with acquisitions of companies providing liquid and powder applications for conventional and electrostatic painting.
During the 1990s, acquisitions increased ITW's presence in the important metal fabrication and welding markets. ITW also increased its reach in the consumer and industrial packaging markets with enhanced capabilities of case sealing, carton printing, decorating, protective shipping, shrink and stretch wrapping, and palletizing products and systems.
ITW's proven strategies of increasing market penetration with product innovations, extending current products to new industries and acquiring businesses that improve customer offerings provide the foundation for continued success in the 21st century.
