Illinois Tool Works Inc. or ITW is an American

Fortune 200 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

company that produces engineered

fasteners A fastener (US English) or fastening (UK English) is a hardware device that mechanically joins or affixes two or more objects together. In general, fasteners are used to create non-permanent joints; that is, joints that can be removed or disman ...

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. Today, it employs approximately 45,000 people in hundreds of businesses across 53 countries, and is based in

Glenview, Illinois Glenview is an incorporated village located in Cook County, Illinois, United States, approximately 15 miles northwest of the Chicago Loop. Per the 2020 census, the population was 48,705. The current Village President is Michael Jenny. Geography ...

, a suburb of

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

. ITW has more than 18,000 granted and pending patent applications worldwide. The company typically ranks in the top 100 of patent issuers in the U.S.

ITW subsidiaries

ITW comprises a number of subsidiaries. Notable brands include Hobart, Miller Electric,

Paslode Paslode is a tool manufacturer. Paslode is an acronym for PAcking Shipping LOading DEvices and was founded in 1935. The company develops and manufactures nail and staple guns; either powered by proprietary butane cylinders (in combination with bat ...

, Foster Refrigerator,

Brooks Instrument Brooks Instrument is a manufacturer of flow control and measurement equipment based in Hatfield, PA. It was a division of Emerson (NYSE:EMR) until December 31, 2007 when it was sold to American Industrial Partners Capital Fund IV (“AIP”) for ...

. In August 2018, U.S. Tax Court Judge

Albert G. Lauber Albert George Lauber (born January 1, 1950) is an American lawyer who serves as a senior judge of the United States Tax Court. Biography Lauber was born in Bronxville, New York on January 1, 1950. He received a Bachelor of Arts, summa cum laude, ...

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. The following is a list of ITW subsidiaries:

Illegal exports

The

United States Department of Commerce The United States Department of Commerce is an executive department of the U.S. federal government concerned with creating the conditions for economic growth and opportunity. Among its tasks are gathering economic and demographic data for bus ...

imposed a $142,000

civil penalty A civil penalty or civil fine is a financial penalty imposed by a government agency as restitution for wrongdoing. The wrongdoing is typically defined by a codification of legislation, regulations, and decrees. The civil fine is not considered ...

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 A chemical weapon (CW) is a specialized munition that uses chemicals formulated to inflict death or harm on humans. According to the Organisation for the Prohibition of Chemical Weapons (OPCW), this can be any chemical compound intended as a ...

as well.

References

External links

* {{Authority control 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