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Introduction

As we proudly celebrate a significant milestone, our 100-years anniversary, we are proud of our position in the market as one of the largest diversified industrial manufacturers. We operate in a broad range of sectors globally and in China, with revenues and personnel increasing exponentially.

With 45 business units on the Mainland to-date, ITW’s presence in China is bigger now than ever. Our China team, totaling nearly 5,000 people representing a broad array of our business units, delivers high quality products and customer solutions in China.

Our industry portfolio includes automotive, construction, industrial packaging, welding, test & measurement, food equipment, consumer packaging, decorative surfaces and polymers & fluids. Due to ITW being structured in a manner to allow for local decision making and entrepreneurial management, our business units are permitted maximum flexibility with rapid response times to execute our customer-focused business solutions for the local market.

Drawing on ITW’s global business network, which includes the ITW Technology Center as well as the ITW Asia Technology Center, ITW companies are committed to providing cutting-edge innovative products and solutions to the Chinese market. As demand for ITW’s top-of-the-line services continues to rapidly increase, China – currently our 6th largest global market with over USD 400 million revenue in 2009 – is expected to hold an even greater share of our business worldwide in the years ahead.

ITW is committed to China for the long term. As a financially stable company excited about growing our local business partnerships and a team of first-rate personnel on the ground, we encourage you to see how ITW can support and serve your specific requirements.

History of ITW

During its nearly 100 years of existence, ITW’s recipe for success has been focused on creating value-added products for key customers around the world. We do this by growing our business and making acquisitions that provide additional product solutions to our customers.

The beginning
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 and together, these forward-thinking businessmen formed a company to manufacture and sell metal-cutting tools.

1940s
Led by Harold B. Smith, ITW first decentralizes its operations to better focus on specific markets—a strategy the company maintains to this day.

1960s
By its 50th anniversary, the company has been officially named Illinois Tool Works (ITW) and is listed shortly thereafter on the New York Stock Exchange with an initial stock price of $26. Since then, ITW’s performance has been consistently strong—each new decade has added significantly to the company’s growth.

1980s
In the 1980s, ITW began to significantly increase its acquisition activity and extend its reach. More than three dozen acquisitions serving both existing and new markets were made.

1990s
Approximately 100 global acquisitions were made during this time, including Akron Standard, Anchor Fasteners and Stampings, CS Packaging, DeVilbiss/Volstatic, Dynatec, Hobart Brothers Company, Miller Group, Orgapack, Trans Tech, United Silicone and Vortec. The company made several acquisitions in China during this time as the company’s presence


grew around the globe.
The acquisition of Premark International, a manufacturer of commercial food equipment and laminate products, marks the largest acquisitions in ITW’s history. Premark’s well-known brand names include Hobart, Wilsonart, Vulcan and Traulsen.

2000
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. Additionally, ITW is becoming increasing global, with more than half of the Company’s revenues emanating from countries outside the United States.

Today
Our more than 800 worldwide decentralized business units continue to focus on creating value-added products and innovative customer solutions. The dedication of our people is the basis for our success and longevity. Relying on its tried and true operating principles, the company successfully came through the global recession and is poised to capitalize on new opportunities ahead as our markets around the world continue improving.

Business Overview
Since our founding more than 100 years ago, ITW has become one of the world’s leading diversified manufacturers of specialized industrial equipment, consumables, and related service businesses.
ITW businesses serve local customers and markets around the globe, with a significant presence in developed as well as emerging markets. The company has operations in 58 countries that employ approximately 60,000 women and men who adhere to the highest ethical standards. These talented individuals, many of whom have specialized engineering or scientific expertise, contribute to our global leadership in innovation. We are proud of our broad portfolio of nearly 12,000 active patents.

How We Work
80/20 Business Process
ITW’s 80/20 business process has been integral to our success for nearly 30 years. Simply put, 80/20 focuses our businesses on the 20 percent of customers that generate 80 percent of revenues. We structure our businesses around serving these key customers, giving them the special attention, products and services that address their specific needs and pain points. 80/20 is about getting closer to our highest-value customers. It’s also about keeping ITW’s operations efficient, despite our size and global scale.
80/20 is not a new concept. But ITW is known as the best in the business at 80/20 implementation.
It’s important to keep in mind that 80/20 is not a cookie-cutter process—and it’s never applied the same way twice.  From the United States to the Czech Republic to China, our businesses continuously find new ways to apply our 80/20 principles. Since our first experiments with 80/20 in the 1980s, ITW has experienced decades of profitability and increased shareholder value. We have yet to encounter an alternative operating process in industrial manufacturing that has the ability to produce results that come anywhere close.

Sustainable Differentiation through Innovation
ITW’s very first products—invented over 100 years ago—were new types of machines for making gears and washers that solved customer problems no other company had been able to master. We have a long history of working pragmatically to solve stubborn or complex manufacturing problems with highly specialized products—not mass-produced commodities. Many of ITW’s innovations—often simple, but always ingenious—have transformed industries, created entirely new product categories, garnered prestigious awards and earned us a place in the history of industrial design. In fact, we’re consistently ranked among the top U.S. patent holders.
Innovative solutions stem from a company culture that values deep customer knowledge and an entrepreneurial spirit. We give our engineers, chemists and technicians the support and trust they need, and we honor our most notable inventors through the ITW Patent Society. Each of our businesses also has the support of resources like the ITW Technology Center, an in-house consulting service on cutting-edge materials, mechanical designs and manufacturing processes.
Our employees will tell you that new ideas are what matter most at ITW. You can take prudent risks at ITW, challenge the status quo, make mistakes, and even fail, because this is how innovation happens.

Decentralized, Entrepreneurial Culture
ITW is well known for its diversified business portfolio and highly decentralized operating strategy. ITW businesses operate independently within the ITW framework, often under their own brand names.
In fact, we have few corporate, top-down functions; we trust our businesses to manage their own operations and respond quickly to local market opportunities. We give our businesses a  high degree of latitude within the framework of our business model, and they have a healthy dislike of organizational complexity and bureaucracy  This decentralized, entrepreneurial culture is how we make sure that we continue to think and act like a much smaller company–fast, flexible and focused.
And with product offerings across a mix of high-growth industries, our diversification across our businesses helps us weather economic fluctuations, letting strengths in one area offset weaknesses in another.


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