Illinois Tool Works Inc. (ITW) is an American ''Fortune'' 500 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. , ITW employed 44,000 employees in 51 countries and held 20,900 granted and pending patent applications worldwide. The company is based in

Glenview, Illinois Glenview is a village in Cook County, Illinois, United States, approximately northwest of the Chicago Loop. Per the 2020 census, the population was 48,705. The Village of Glenview is governed by New Trier and Northfield townships. According ...

, a suburb of

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

ITW subsidiaries

ITW comprises a number of subsidiaries. Notable brands include

Hobart Hobart ( ) is the capital and most populous city of the island state of Tasmania, Australia. Located in Tasmania's south-east on the estuary of the River Derwent, it is the southernmost capital city in Australia. Despite containing nearly hal ...

, Miller Electric,

Paslode Paslode is an American tool manufacturer that is a subsidiary of Illinois Tool Works. Paslode is an acronym An acronym is a type of abbreviation consisting of a phrase whose only pronounced elements are the initial letters or initial sounds ...

, Foster Refrigerator, 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.

Illegal exports

The

United States Department of Commerce The United States Department of Commerce (DOC) is an executive department of the U.S. federal government. It is responsible for gathering data for business and governmental decision making, establishing industrial standards, catalyzing econ ...

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 ...

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 Companies in the S&P 500 Dividend Aristocrats