1910s
In 1912, Byron L. Smith, a prominent financier in Chicago, places an ad to invest in a manufacturing business that inspires a group of tool inventors to join. Illinois Tool Works (ITW) is founded.
1920s
ITW acquires Shakeproof Screw and Nut Lock Company to deliver innovative washers to the automotive industry, starting with the Model T, that are designed to prevent fasteners from loosening due to vibrations. These tooth washers revolutionize the fastening industry, ensuring greater reliability and safety in diverse applications.
1930s
Harold Byron Smith, grandson of Byron L. Smith and son of Harold C. Smith, becomes president of ITW. The company places the first advertisements as a manufacturing company in mainstream publications, while still selling radio and farm equipment and returning a profit every year of the Great Depression.
1940s
ITW joins the World War II effort by creating an innovative wafer cutter that expedites the manufacturing of heavy artillery barrels. To establish a foundation for future decentralization to be closer to customers, ITW splits Shakeproof and other divisions into autonomous companies. Shakeproof begins to manufacture plastic fasteners and components.
1950s
ITW forms Fastex to bring to market fasteners and components outside of automotive applications, including innovative electric switches and Spiroid® right-angle gear, that expand the company’s reach into the computer and defense markets. ITW expands to England to serve the auto market in Europe. The Smith family establishes the ITW Foundation to support the company’s philanthropic initiatives.
1960s
“You’re never more than a few feet away from a product of ITW” is transmitted across local airwaves, extending ITW’s brand to new industries and global markets through radio. ITW creates a self-drilling screw to revolutionize fastening technology in the construction industry while the Hi-Cone six-ring carrier transforms the beverage and packing industries. Europe expansion continues with the acquisition of Ateco in Germany and the opening of the Italy office.
1970s
ITW becomes a publicly traded company on the New York Stock Exchange, developing and distributing a wide portfolio of products, including Deltar’s advanced plastics, to auto manufacturers around the world. Rapid growth in the production of components, fasteners, and assembly solutions is bolstered by the acquisition of Chronomatic, with its proprietary polymer technology utilized on dashboard controls and in other components. The ITW Patent Society is established to recognize ITW’s greatest innovators.
1980s
ITW completes 32 acquisitions to double the company’s size to $1.5 billion while sustaining growth and diversification. To remain on a growth trajectory, ITW leadership transfers control to individual businesses and further decentralizes the company. The ITW Toolbox introduces business rules including the 80/20 business model which establishes a culture of shared risk and enhanced decision-making with increased business unit autonomy.
1990s
With an estimated 100 acquisitions worldwide, ITW expands its global footprint and patent portfolio in the 1990s. Key acquisitions in automotive gave ITW Automotive a truly global presence to better serve customers. During this period, ITW emerges as one of the top U.S. patent holders.
2000s
ITW rapidly increases its revenue growth outside North America with expansion into Brazil, India, and China, setting the foundation for continued success. The company also expands its reach into the growing test and measurement and electronics markets by acquiring Instron and Speedline.
2010s
ITW celebrates its 100 year anniversary and formalizes its corporate and social responsibility initiatives. An enterprise-wide corporate strategy guides growth and sets the foundation for differentiation. The STEM-focused ITW David Speer Academy is founded in 2013 to honor the memory of former CEO and Chairman and promote education’s role in fostering economic opportunity.
2020s
ITW experiences continued growth despite the challenges of a global pandemic and supply chain disruptions. Through strategic initiatives in the electric vehicle (EV) market and a commitment to sustainability in its products and services, ITW continues to gain market share with automotive OEMs and deliver high quality solutions that address the engineering challenges of today and anticipate the needs of tomorrow.
