Illinois Tool Works
Part of a Global Company: ITW Inc
Celebrating 100 years of history, the ITW Inc. group is a manufacturer of advanced industrial technology. Specifically, we design and produce an array of highly engineered fasteners and components, equipment and consumable systems, and specialty products and equipment for customers around the world.
ITW has over 600 businesses located in 56 countries spanning the globe, employing approximately 50,000 staff worldwide. Our people develop thousands of engineered products and speciality systems that are created and later improved in direct partnership with our customers. These business units serve diverse end markets and customer segments.
The group generated an total revenue of around $14.3bn in 2017. The construction market, focusing mainly on tools and fasteners, represents around $1.7bn of this figure.
We're closer than you think...
Wherever there is a commercial, renovation or residential construction project-taking place in the world, ITW products are on the job. From Paslode gas nailing and stapling systems to SPIT concrete and steel direct fixing and anchoring systems, our ITW Construction Products businesses provide innovative products that set the standard in today's construction industry.
However we do more than construction; while reading this, you are probably only 30m away from an ITW product!
We make operate in 7 major segments, creating many different product solutions, for many different customers, all over the world... yet they have become such fixtures in our everyday lives that most of them go unnoticed. But ITW products are all around, you just have to know where to look.
ITW Guiding Principles - What makes ITW Unique
ITW operate a collection of business units and brands across diverse worldwide end markets. Our decentralised operating strategy and focus place our businesses close to the people who buy our products. This familiarity results in entrepreneurial sales and support activities, where we can quickly identify and respond to customer needs at the business unit level by providing original, customised products and service.
Our overall success comes from the collective results of many different markets predominantly construction, automotive and food equipment. This mix of revenue provides stability during economic swings and allows us to overcome market uncertainties. Strength in one market helps offset fluctuations in another.
By allowing business units to operate autonomously each business is close to the people buying their products. This enables them to react to customer needs by providing original, customised products and services.
For the last century ITW have been at the forefront of innovation. Many of our product success stories begin on-site, where our customers' needs are most apparent. Thanks to the expertise of ITW's management and sales force (many of whom are trained engineers), we are well equipped to provide practical and time-sensitive solutions to the most complex situations.
We are proud of our broad portfolio of more than 19,000 global patents and patent applications.
A driving force behind much of our success at ITW is our 80/20 business process, a practice that keeps us focused on our most profitable products and customers. The concept underlying 80/20 is simple: 80 percent of a company's sales are derived from the 20 percent of its product offering being sold to key customers.
Put simply, too often companies do not spend enough time on the critical 20 percent of their key customers and products and spend too much time on the less important 80 percent. Our view is that once you know who your high volume customers are, you can begin to understand what drives your growth and what your true costs are in the business. At the same time, we don't typically walk away from low volume customers; we just treat them differently, using specialty pricing programs, for example, amongst other things.
The 80/20 principle guides our business processes and helps us find new ways to enhance customer satisfaction as well as drive margin growth and profitability. Specific processes include: product line simplification, segmentation, in-lining, cellular manufacturing and outsourcing, as well as manufacturing to the market rate of demand.
To find out more about ITW Inc. visit www.itw.com