Press Release
ITW Reports 10.1 Percent Growth in Operating Revenues for Three Months Ended August 31, 2008
Glenview, IL – September 16, 2008
Illinois Tool Works Inc. (NYSE:ITW) today reported an operating revenue increase of 10.1 percent for the three months ended August 31, 2008. The double-digit increase in revenue growth for the three months was due to contributions from translation and acquisitions.
On a segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base revenues, acquisitions/divestitures and currency translation, is provided below.
(% change for 3 months ended August 31, 2008 versus prior year period)
*Industrial Packaging: + 16.6 %
*Power Systems and Electronics: + 13.2 %
*Transportation: + 4.8 %
*Construction Products: + 3.2 %
*Food Equipment: + 11.2 %
*Polymers and Fluids: + 43.5 %
*Decorative Surfaces: + 1.0 %
*All Other: + 4.6 %
On August 11, 2008, the Company announced a plan to divest its Decorative Surfaces and Click Commerce businesses. These units, totaling approximately $1.3 billion in annual revenues, will be reclassified as part of discontinued operations prior to the Company's reporting of earnings on October 16. Accordingly, the Company will release the reclassified financial statements for prior periods and its related earnings forecast on October 7.
With $16.2 billion in revenues, ITW is a diversified and value-added manufacturer of highly engineered components and industrial systems and consumables. The Company consists of approximately 825 business units in 52 countries and employs some 60,000 people.
CONTACT: John Brooklier, 847-657-4104 or jbrooklier@itw.com