4/16/2009
NEWS BRIEFS
ITW Promises “Aggressive” Restructuring After Q1 Losses

Illinois Tool Works Inc. a “significant” drop in revenue during the first quarter of 2009, with sales declining 24% to $2.9 billion. Net results produced a $29.4 million loss compared with a profit of $369.8 million during the first quarter of 2008.

Q1 Transportation segment revenue, including fasteners, dropped 26.8%.

Worldwide automotive base revenues declined 45% in the quarter, with North American auto builds decreasing 52% and European auto builds falling 44% during Q1.

CEO David Speer promised “aggressive restructuring actions” to help ITW cope with the economic recession.

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Related Links:

• ITW