ITW Revenue Down

John Wolz

Illinois Tool Works Inc. reported operating revenue declined 6% for the three months ended November 30, 2001. A 4% operating revenue growth from acquisitions was offset by 9% decline from base businesses and 1% decrease due to currency translation.
North American engineered products revenue was down 6% and International dropped 7%. North American specialty systems were off 3% and International 5%. Consumer products fell 16%.
The ITW board authorized divestiture of its consumer products businesses.
ITW acquired the three businesses � Precor exercise equipment, West Bend appliances and Florida Tile � in its 1999 Premark International acquisition. Revenue in 2000 totaled $483 million.
“While we consider these businesses to be valuable assets,” CEO James Farrell said, “the consumer characteristics of these companies ultimately led us to conclude that they were not a good long-term fit with our traditional B2B approach to customers and markets.” Web: itw.com �2001 FastenerNews.com