The document is ITW's 2003 annual report. It provides an overview of ITW's financial highlights for 2003 including operating revenues, operating income, income from continuing operations, earnings per share, returns and cash flows. It also summarizes ITW's business segments and major product categories. The report discusses ITW's decentralized structure across multiple business units and brands, and how its focus on diversification, continual improvement, and serving customers helps drive financial results.
Illinois Tool Works Inc. (ITW) is a leading diversified manufacturing company with nearly 100 years of history. ITW designs and produces highly engineered fasteners, components, equipment, and specialty products for customers around the world through its 700 decentralized business units located in 48 countries. The document provides an overview of ITW's manufacturing segments, product categories, major businesses, end markets, financial highlights, and strategies for revenue growth through both base business expansion and acquisitions.
The document is Illinois Tool Works' (ITW) 2004 annual report. It discusses how ITW grows its diversified manufacturing business through disciplined focus on growing base revenues, making profitable acquisitions, and improving operating margins. ITW employs around 49,000 people across 650 decentralized business units in 45 countries. The report provides details on ITW's financial performance in 2004 and discusses its strategies for revenue growth, including focus on key industries like construction and automotive, and acquisitions that expand its product offerings and geographic reach.
This annual report summarizes Illinois Tool Works Inc. for the year 2000. It discusses the company's revenues, operating income, net income, cash dividends paid, and earnings per share. It also provides an overview of the company's business segments and their major brands and end markets. The report highlights that ITW applied its 80/20 process across the organization, which helped produce strong financial results for the year despite challenges in some end markets late in 2000. Revenues increased 7% to over $10 billion while operating income grew 11% and margins improved. The CEO credits the companywide use of the 80/20 process for its continued financial success.
ITW designs and produces fasteners, components, equipment and specialty products for customers around the world through over 750 decentralized business units in 49 countries. In 2006, ITW's revenues increased 10% to $14.1 billion due to 4% base revenue growth, 7% from acquisitions, and it acquired 53 companies representing $1.7 billion in annual revenues to further diversify its business across industries and geographies. Looking ahead, ITW aims to continue growing its business globally, including expanding its presence in emerging markets and Asia Pacific region which it expects to be a significant contributor to future revenue growth.
The North San Diego County industrial market saw a decrease in vacancy rate in the first quarter of 2012. The overall vacancy rate was 10.6%, down from previous quarters due to 172,000 square feet of positive net absorption. The industrial market consists of over 52 million square feet across five cities. Major companies in the market include Life Technologies, Titleist Golf, ViaSat, and TaylorMade Golf. Land prices appeared to be rebounding after a difficult period, with an industrial property in Oceanside selling for $11.50 per square foot.
This industrial report summarizes the North San Diego County industrial market in the 4th quarter of 2011. The market consists of over 52 million square feet spread across five cities. Vacancy declined slightly to 10.9% as net absorption of 566,762 square feet occurred. Large tenants like BREG, Zodiac, John Deere, and SKLZ contributed to positive absorption. Owner-users and investors were cautiously active in the market, with owner-users focusing on spaces between 15,000-35,000 square feet taking advantage of interest rates between 4-5%.
This report summarizes industrial real estate market trends in North San Diego County during the 2nd quarter of 2012. Key points include:
- Total vacancy rates dropped below 10% for the first time since 2008, led by declines in Carlsbad and Oceanside.
- Absorption has already surpassed totals for all of 2011, with research and development space seeing more absorption than industrial space.
- Investment and leasing activity increased across the region, including several large transactions in Carlsbad.
- With declining vacancies and no new construction, the report forecasts vacancy rates will continue dropping in the second half of the year.
Este documento describe cómo los proyectos de fin de carrera de estudiantes de ingeniería de la Universidad de Oviedo, a través de la organización Ingeniería Sin Fronteras, han ayudado a mejorar las comunicaciones y los sistemas de salud en los campamentos de refugiados saharauis en el desierto de Tindouf, Argelia. Se detallan proyectos pasados para instalar conexiones vía satélite y radio que mejoraron la hidrología y la gestión médica. El nuevo objetivo es desarrollar una red de
Illinois Tool Works Inc. (ITW) is a leading diversified manufacturing company with nearly 100 years of history. ITW designs and produces highly engineered fasteners, components, equipment, and specialty products for customers around the world through its 700 decentralized business units located in 48 countries. The document provides an overview of ITW's manufacturing segments, product categories, major businesses, end markets, financial highlights, and strategies for revenue growth through both base business expansion and acquisitions.
The document is Illinois Tool Works' (ITW) 2004 annual report. It discusses how ITW grows its diversified manufacturing business through disciplined focus on growing base revenues, making profitable acquisitions, and improving operating margins. ITW employs around 49,000 people across 650 decentralized business units in 45 countries. The report provides details on ITW's financial performance in 2004 and discusses its strategies for revenue growth, including focus on key industries like construction and automotive, and acquisitions that expand its product offerings and geographic reach.
This annual report summarizes Illinois Tool Works Inc. for the year 2000. It discusses the company's revenues, operating income, net income, cash dividends paid, and earnings per share. It also provides an overview of the company's business segments and their major brands and end markets. The report highlights that ITW applied its 80/20 process across the organization, which helped produce strong financial results for the year despite challenges in some end markets late in 2000. Revenues increased 7% to over $10 billion while operating income grew 11% and margins improved. The CEO credits the companywide use of the 80/20 process for its continued financial success.
ITW designs and produces fasteners, components, equipment and specialty products for customers around the world through over 750 decentralized business units in 49 countries. In 2006, ITW's revenues increased 10% to $14.1 billion due to 4% base revenue growth, 7% from acquisitions, and it acquired 53 companies representing $1.7 billion in annual revenues to further diversify its business across industries and geographies. Looking ahead, ITW aims to continue growing its business globally, including expanding its presence in emerging markets and Asia Pacific region which it expects to be a significant contributor to future revenue growth.
The North San Diego County industrial market saw a decrease in vacancy rate in the first quarter of 2012. The overall vacancy rate was 10.6%, down from previous quarters due to 172,000 square feet of positive net absorption. The industrial market consists of over 52 million square feet across five cities. Major companies in the market include Life Technologies, Titleist Golf, ViaSat, and TaylorMade Golf. Land prices appeared to be rebounding after a difficult period, with an industrial property in Oceanside selling for $11.50 per square foot.
This industrial report summarizes the North San Diego County industrial market in the 4th quarter of 2011. The market consists of over 52 million square feet spread across five cities. Vacancy declined slightly to 10.9% as net absorption of 566,762 square feet occurred. Large tenants like BREG, Zodiac, John Deere, and SKLZ contributed to positive absorption. Owner-users and investors were cautiously active in the market, with owner-users focusing on spaces between 15,000-35,000 square feet taking advantage of interest rates between 4-5%.
This report summarizes industrial real estate market trends in North San Diego County during the 2nd quarter of 2012. Key points include:
- Total vacancy rates dropped below 10% for the first time since 2008, led by declines in Carlsbad and Oceanside.
- Absorption has already surpassed totals for all of 2011, with research and development space seeing more absorption than industrial space.
- Investment and leasing activity increased across the region, including several large transactions in Carlsbad.
- With declining vacancies and no new construction, the report forecasts vacancy rates will continue dropping in the second half of the year.
Este documento describe cómo los proyectos de fin de carrera de estudiantes de ingeniería de la Universidad de Oviedo, a través de la organización Ingeniería Sin Fronteras, han ayudado a mejorar las comunicaciones y los sistemas de salud en los campamentos de refugiados saharauis en el desierto de Tindouf, Argelia. Se detallan proyectos pasados para instalar conexiones vía satélite y radio que mejoraron la hidrología y la gestión médica. El nuevo objetivo es desarrollar una red de
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes financial statements such as the statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and earnings per share of $0.82. Total assets as of June 30, 2006 were $12.5 billion.
This document contains the agenda and presentation slides for Lear Corporation's 2005 Detroit Auto Conference. Some key points:
1) Lear provides an overview of its global business and strategy, noting challenging business conditions but a focus on profitable growth.
2) Financial highlights include a $3.8 billion three-year sales backlog and a solid 2005 financial outlook with an increased dividend.
3) The operating review discusses mitigating higher raw material costs, quality improvements, new investments, and major 2005 product launches.
4) Financial guidance for 2005 assumes slightly higher North American but stable European vehicle production volumes.
In 2004, Kohl's expanded its brand selection and introduced several new exclusive brands to attract more customers. Financial highlights show sales and profits increased over 13-22% from the previous year. In 2005, Kohl's will continue adding new brands like Chaps, Candie's, and The Backyardigans to draw customers and differentiate its merchandise. It will also enhance the store experience through improved navigation and presentation.
Roy Parrott, a director of Lear Corp, reported transactions involving Lear stock, restricted stock units, and deferred stock units during 2009. These included the payout of 556 shares of deferred stock units, the vesting and conversion of restricted stock units into additional deferred stock units, and credits to his deferred stock unit account. He beneficially owned over 4,800 shares of Lear stock and deferred stock units at the end of the reporting period.
The document outlines a venture and growth development strategy for a media company. It aims to increase profits by reducing production costs, expanding digital distribution methods, and pursuing alternative revenue streams like online rentals and smartphone content. Specific tactics include decreasing in-house films while increasing acquisitions, expanding the online library and market share, and investing in smartphone distribution. Financial projections estimate increased revenues and profits through 2011 by implementing this strategy.
This document is an application form for the Erasmus+ 2014 call for proposals under the Key Action 2 Strategic Partnerships for Youth. [1] The form requests general information about the applicant organizations and partners, a description of the proposed project, activities, budget, and expected impacts. [2] It explains that applicants must provide details of the project rationale, objectives, methodology, timeline, management, and a summary of the results and benefits. [3] Additional documents may need to be attached for the application to be complete.
POLICY SUPPORT IN MEDIA AND ENTERTAINMENT FOR MAKING IT GLOBALLY COMPETITIVE-...anthony4web
The document discusses policy support for making the media and entertainment industry globally competitive in India. It summarizes the key aspects of the Information Technology Act, 2000 that provide the legal framework for electronic records and transactions. It also discusses the proposed Broadcasting Bill and issues around overlapping regulations between the IT Act and the proposed bill, as well as concerns around draconian government powers and the need for stakeholder inputs.
Illinois Tool Works Inc. (ITW) is a leading diversified manufacturing company with nearly 100 years of history. ITW designs and produces highly engineered fasteners, components, equipment, and specialty products for customers around the world through its 700 decentralized business units located in 48 countries. The document provides an overview of ITW's manufacturing segments, product categories, major businesses, end markets, financial highlights, and strategies for revenue growth through both base business expansion and acquisitions.
The document is Illinois Tool Works' (ITW) 2004 annual report. It discusses how ITW grows its diversified manufacturing business through disciplined focus on growing base revenues, making profitable acquisitions, and improving operating margins. ITW employs around 49,000 people across 650 decentralized business units in 45 countries. The report provides details on ITW's financial performance in 2004 and outlines its strategy and approach to growing revenues, acquisitions, and margins improvement through its 80/20 business process.
ITW Annual Report 2002 provides an overview of Illinois Tool Works Inc. for the year 2002. Some key points:
- ITW operates across multiple business segments and geographic regions, providing engineered products and specialty systems to a variety of end markets including construction, automotive, food equipment, and general industry.
- In 2002, stronger end markets like construction helped offset weaker demand in other markets, leading to overall solid financial performance for the company.
- ITW's decentralized structure with business units having autonomy fosters innovation, customer focus, and operating margin improvements through the consistent use of an 80/20 business planning process.
ITW Annual Report 2002 provides an overview of Illinois Tool Works Inc. for the year 2002. Some key points:
- ITW operates across multiple business segments and geographic regions, providing engineered products and specialty systems to a variety of end markets including construction, automotive, food equipment, and general industry.
- In 2002, stronger end markets like construction helped offset weaker demand in other markets, leading to overall solid financial performance for the company.
- ITW's decentralized structure with business units having autonomy fosters innovation, customer focus, and operating margin improvements through the consistent use of an 80/20 business planning process.
Illinois Tool Works Inc. (ITW) is a Fortune 200 company with $9.3 billion in revenues from its 600 business units across 43 countries. ITW produces highly engineered fasteners, components, equipment and specialty products. In 2001, revenues declined 2% to $9.3 billion due to a 7% drop in base business from economic weakness. Operating income and earnings per share declined 17% from 2000 levels. However, ITW is well positioned for growth as the economy recovers due to its decentralized structure, customer focus, value-added innovation, and acquisition strategy.
Illinois Tool Works Inc. (ITW) is a Fortune 200 company with $9.3 billion in revenues from its 600 business units across 43 countries. ITW produces highly engineered fasteners, components, equipment and specialty products. In 2001, revenues declined 2% to $9.3 billion due to a 7% drop in base business from economic weakness. Operating income and earnings per share declined 17% from their record levels in 2000. However, ITW is well positioned for growth as the economy recovers due to its focus on customer relationships, decentralized structure, and ongoing acquisition strategy.
Illinois Tool Works Inc. is a leading diversified manufacturing company with nearly 600 decentralized business units that produce highly engineered fasteners, components, equipment, consumable systems, and specialty products for customers around the world. In 2000, ITW's revenues were $10 billion and it employed around 55,000 people across 43 countries. ITW operates across several product categories including engineered products, specialty systems, and consumer products, serving major end markets like construction, automotive, general industrial, and consumer durables.
ITW designs and produces fasteners, components, equipment and specialty products for customers around the world through over 750 decentralized business units in 49 countries. In 2006, ITW achieved $14.1 billion in revenues and acquired 53 companies, expanding into new markets and geographies globally. While diversifying internationally, ITW focuses on providing innovative solutions and exceptional customer service to create value for customers in all markets.
PPG Industries' 2009 annual report summarizes the company's performance in a challenging year. Net sales were $12.2 billion, down 23% from 2008, and net income was $336 million, down 38%. However, the company generated near-record operating cash flow of $1.3 billion. PPG responded to difficult market conditions by restructuring operations, reducing costs, and focusing on cash generation. The report provides an overview of PPG's business segments and their 2009 financial highlights. In his letter, the Chairman expresses confidence that PPG is well-positioned for future success due to actions taken to strengthen its business portfolio.
This document is Parker Hannifin Corporation's 2001 Annual Report which provides an overview of the company's financial performance and discusses its strategies. The report discusses how Parker operates in many industries including aerospace, food processing, computing, energy, transportation, manufacturing and more. It highlights several acquisitions Parker made in 2001 to expand its capabilities and better serve customers. The report emphasizes Parker's focus on customer service, financial performance, and growth through innovation.
This document is Parker Hannifin Corporation's 2001 Annual Report which provides an overview of the company's financial performance and discusses its strategies. The report summarizes that Parker experienced a decline in orders during a manufacturing recession but took steps to reduce costs and maintain margins. It also discusses several acquisitions completed in 2001 to expand its product offerings and industries served. The report outlines Parker's strategy of focusing on customer service, financial performance, and growth to strengthen its position as a leader in motion and control technologies.
This document is Cummins Inc.'s 2002 Annual Report. It provides an overview of Cummins' businesses, financial performance, and key highlights from 2002. Specifically, it notes that Cummins' net sales in 2002 were $5.9 billion, up 3% from 2001. It also reported net earnings of $82 million in 2002 compared to a net loss of $103 million in 2001. Additionally, it summarizes Cummins' four main business units and provides an update on strategic partnerships and new business initiatives in 2002.
This document is Cummins Inc.'s 2002 Annual Report. It provides an overview of Cummins' businesses, financial performance, and key highlights from 2002. Specifically, it notes that Cummins' net sales in 2002 were $5.9 billion, up 3% from 2001. It also reported net earnings of $82 million in 2002 compared to a net loss of $103 million in 2001. Additionally, it summarizes Cummins' four main business units and provides an update on strategic partnerships and new business initiatives in 2002.
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes financial statements such as the statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and earnings per share of $0.82. Total assets as of June 30, 2006 were $12.5 billion.
This document contains the agenda and presentation slides for Lear Corporation's 2005 Detroit Auto Conference. Some key points:
1) Lear provides an overview of its global business and strategy, noting challenging business conditions but a focus on profitable growth.
2) Financial highlights include a $3.8 billion three-year sales backlog and a solid 2005 financial outlook with an increased dividend.
3) The operating review discusses mitigating higher raw material costs, quality improvements, new investments, and major 2005 product launches.
4) Financial guidance for 2005 assumes slightly higher North American but stable European vehicle production volumes.
In 2004, Kohl's expanded its brand selection and introduced several new exclusive brands to attract more customers. Financial highlights show sales and profits increased over 13-22% from the previous year. In 2005, Kohl's will continue adding new brands like Chaps, Candie's, and The Backyardigans to draw customers and differentiate its merchandise. It will also enhance the store experience through improved navigation and presentation.
Roy Parrott, a director of Lear Corp, reported transactions involving Lear stock, restricted stock units, and deferred stock units during 2009. These included the payout of 556 shares of deferred stock units, the vesting and conversion of restricted stock units into additional deferred stock units, and credits to his deferred stock unit account. He beneficially owned over 4,800 shares of Lear stock and deferred stock units at the end of the reporting period.
The document outlines a venture and growth development strategy for a media company. It aims to increase profits by reducing production costs, expanding digital distribution methods, and pursuing alternative revenue streams like online rentals and smartphone content. Specific tactics include decreasing in-house films while increasing acquisitions, expanding the online library and market share, and investing in smartphone distribution. Financial projections estimate increased revenues and profits through 2011 by implementing this strategy.
This document is an application form for the Erasmus+ 2014 call for proposals under the Key Action 2 Strategic Partnerships for Youth. [1] The form requests general information about the applicant organizations and partners, a description of the proposed project, activities, budget, and expected impacts. [2] It explains that applicants must provide details of the project rationale, objectives, methodology, timeline, management, and a summary of the results and benefits. [3] Additional documents may need to be attached for the application to be complete.
POLICY SUPPORT IN MEDIA AND ENTERTAINMENT FOR MAKING IT GLOBALLY COMPETITIVE-...anthony4web
The document discusses policy support for making the media and entertainment industry globally competitive in India. It summarizes the key aspects of the Information Technology Act, 2000 that provide the legal framework for electronic records and transactions. It also discusses the proposed Broadcasting Bill and issues around overlapping regulations between the IT Act and the proposed bill, as well as concerns around draconian government powers and the need for stakeholder inputs.
Illinois Tool Works Inc. (ITW) is a leading diversified manufacturing company with nearly 100 years of history. ITW designs and produces highly engineered fasteners, components, equipment, and specialty products for customers around the world through its 700 decentralized business units located in 48 countries. The document provides an overview of ITW's manufacturing segments, product categories, major businesses, end markets, financial highlights, and strategies for revenue growth through both base business expansion and acquisitions.
The document is Illinois Tool Works' (ITW) 2004 annual report. It discusses how ITW grows its diversified manufacturing business through disciplined focus on growing base revenues, making profitable acquisitions, and improving operating margins. ITW employs around 49,000 people across 650 decentralized business units in 45 countries. The report provides details on ITW's financial performance in 2004 and outlines its strategy and approach to growing revenues, acquisitions, and margins improvement through its 80/20 business process.
ITW Annual Report 2002 provides an overview of Illinois Tool Works Inc. for the year 2002. Some key points:
- ITW operates across multiple business segments and geographic regions, providing engineered products and specialty systems to a variety of end markets including construction, automotive, food equipment, and general industry.
- In 2002, stronger end markets like construction helped offset weaker demand in other markets, leading to overall solid financial performance for the company.
- ITW's decentralized structure with business units having autonomy fosters innovation, customer focus, and operating margin improvements through the consistent use of an 80/20 business planning process.
ITW Annual Report 2002 provides an overview of Illinois Tool Works Inc. for the year 2002. Some key points:
- ITW operates across multiple business segments and geographic regions, providing engineered products and specialty systems to a variety of end markets including construction, automotive, food equipment, and general industry.
- In 2002, stronger end markets like construction helped offset weaker demand in other markets, leading to overall solid financial performance for the company.
- ITW's decentralized structure with business units having autonomy fosters innovation, customer focus, and operating margin improvements through the consistent use of an 80/20 business planning process.
Illinois Tool Works Inc. (ITW) is a Fortune 200 company with $9.3 billion in revenues from its 600 business units across 43 countries. ITW produces highly engineered fasteners, components, equipment and specialty products. In 2001, revenues declined 2% to $9.3 billion due to a 7% drop in base business from economic weakness. Operating income and earnings per share declined 17% from 2000 levels. However, ITW is well positioned for growth as the economy recovers due to its decentralized structure, customer focus, value-added innovation, and acquisition strategy.
Illinois Tool Works Inc. (ITW) is a Fortune 200 company with $9.3 billion in revenues from its 600 business units across 43 countries. ITW produces highly engineered fasteners, components, equipment and specialty products. In 2001, revenues declined 2% to $9.3 billion due to a 7% drop in base business from economic weakness. Operating income and earnings per share declined 17% from their record levels in 2000. However, ITW is well positioned for growth as the economy recovers due to its focus on customer relationships, decentralized structure, and ongoing acquisition strategy.
Illinois Tool Works Inc. is a leading diversified manufacturing company with nearly 600 decentralized business units that produce highly engineered fasteners, components, equipment, consumable systems, and specialty products for customers around the world. In 2000, ITW's revenues were $10 billion and it employed around 55,000 people across 43 countries. ITW operates across several product categories including engineered products, specialty systems, and consumer products, serving major end markets like construction, automotive, general industrial, and consumer durables.
ITW designs and produces fasteners, components, equipment and specialty products for customers around the world through over 750 decentralized business units in 49 countries. In 2006, ITW achieved $14.1 billion in revenues and acquired 53 companies, expanding into new markets and geographies globally. While diversifying internationally, ITW focuses on providing innovative solutions and exceptional customer service to create value for customers in all markets.
PPG Industries' 2009 annual report summarizes the company's performance in a challenging year. Net sales were $12.2 billion, down 23% from 2008, and net income was $336 million, down 38%. However, the company generated near-record operating cash flow of $1.3 billion. PPG responded to difficult market conditions by restructuring operations, reducing costs, and focusing on cash generation. The report provides an overview of PPG's business segments and their 2009 financial highlights. In his letter, the Chairman expresses confidence that PPG is well-positioned for future success due to actions taken to strengthen its business portfolio.
This document is Parker Hannifin Corporation's 2001 Annual Report which provides an overview of the company's financial performance and discusses its strategies. The report discusses how Parker operates in many industries including aerospace, food processing, computing, energy, transportation, manufacturing and more. It highlights several acquisitions Parker made in 2001 to expand its capabilities and better serve customers. The report emphasizes Parker's focus on customer service, financial performance, and growth through innovation.
This document is Parker Hannifin Corporation's 2001 Annual Report which provides an overview of the company's financial performance and discusses its strategies. The report summarizes that Parker experienced a decline in orders during a manufacturing recession but took steps to reduce costs and maintain margins. It also discusses several acquisitions completed in 2001 to expand its product offerings and industries served. The report outlines Parker's strategy of focusing on customer service, financial performance, and growth to strengthen its position as a leader in motion and control technologies.
This document is Cummins Inc.'s 2002 Annual Report. It provides an overview of Cummins' businesses, financial performance, and key highlights from 2002. Specifically, it notes that Cummins' net sales in 2002 were $5.9 billion, up 3% from 2001. It also reported net earnings of $82 million in 2002 compared to a net loss of $103 million in 2001. Additionally, it summarizes Cummins' four main business units and provides an update on strategic partnerships and new business initiatives in 2002.
This document is Cummins Inc.'s 2002 Annual Report. It provides an overview of Cummins' businesses, financial performance, and key highlights from 2002. Specifically, it notes that Cummins' net sales in 2002 were $5.9 billion, up 3% from 2001. It also reported net earnings of $82 million in 2002 compared to a net loss of $103 million in 2001. Additionally, it summarizes Cummins' four main business units and provides an update on strategic partnerships and new business initiatives in 2002.
This document discusses how new entrants from developing economies are challenging traditional ways of thinking about global competition. It provides examples of companies like Electrolux, Cycleurope, Mars, Haier, Tata, and others that have adopted strategies like acquiring local brands, centralizing production, focusing on emerging markets, and developing more affordable products to become successful global competitors. The writing warns that established firms must rapidly change their mindsets and strategies or risk losing significant market share to these new competitors, as growth is increasingly occurring in less developed markets with customers seeking more affordable options. Change must happen now for companies rather than waiting for some point in the future.
The document summarizes Israeli IT market trends from 2003-2010. It provides detailed breakdowns of revenues and market shares for major hardware, software, and services categories. Some key findings are that 2007 marked a shift towards more spending on integration and maintenance compared to new development. It also notes that total vendor revenues are higher than market values due to multi-layered sales partnerships. Major Israeli IT vendors such as HP, IBM, and Matrix had the largest overall market shares across categories.
Our Group provides cutting tools for various industries including aircraft manufacturing. It was founded in 1946 and has expanded over time to include design, manufacturing, regrinding, and tool management services across multiple sites in France. The company produces both standard cutting tools cataloged in their Desgranges and NeXam catalogs, as well as special custom tools designed for clients' unique needs. Regrinding services are also offered to extend the life of tools.
Owens & Minor is a leading distributor of medical supplies with $4.24 billion in sales in 2003. It provides distribution, consulting, and supply chain management services to hospitals and healthcare systems. In 2003, Owens & Minor grew sales 7.2% and net income 13.5% while maintaining expenses as a percentage of sales. It continued initiatives in distribution, consulting, and third party logistics while forming new partnerships.
This report analyzes the worldwide markets for Industrial Fasteners in US$ Million by the following product segments: Bolts, Nuts, Screws, Rivets/Washers, and Miscellaneous (Pins, Nails and Others). The report also analyzes the market by End-use industries including Automotive, Aerospace, Construction, Mechanical Engineering, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual estimates and forecasts are provided for the period 2007 through 2015. A seven-year historic analysis is also provided for these markets.The report profiles 264 companies including many key and niche players such as Acument Global Technologies, Inc., Alcoa Fastening Systems, Earnest Machine Product Company, Emhart Teknologies, FabriSteel, Federal Screw Works, Finnveden Bulten AB, Gem-Year Industrial Co., Ltd., Hilti Aktiengesellschaft, Illinois Tool Works, Inc., Infasco, Infast Group Plc, KAMAX-Werke Rudolf Kellermann GmbH & Co. KG, LISI Group, MacLean-Fogg Company, MNP Corporation, Nitto Seiko Co., Ltd., Nucor Corporation, SPS Technologies LLC, Sundram Fasteners Limited, The Marmon Group LLC, TRW Automotive, and Wilhelm B
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This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
3. ILLINOIS TOOL WORKS INC. 1
Financial Highlights
DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS 2003 2002 2001
Year Ended December 31
Operating Results
Operating revenues $ 10,035,623 $ 9,467,740 $ 9,292,791
Operating income 1,633,458 1,505,771 1,306,103
Operating income margin 16.3% 15.9% 14.1%
Income from continuing operations $ 1,040,214 $ 931,810 $ 802,449
Return on operating revenues 10.4% 9.8% 8.6%
Operating income margins by segment:
Engineered Products—North America 16.0% 17.6% 16.7%
Engineered Products—International 13.9 13.6 12.2
Specialty Systems—North America 16.5 15.2 13.3
Specialty Systems—International 11.1 9.7 11.0
Leasing and Investments 76.6 47.1 53.0
Per Share of Common Stock
Income from continuing operations:
Basic $ 3.39 $ 3.04 $ 2.64
Diluted 3.37 3.02 2.62
Cash dividends paid 0.93 0.89 0.82
Returns
Return on average invested capital 16.1% 15.0% 13.0%
Return on average stockholders’ equity 14.3 14.7 14.0
Liquidity and Capital Resources
Free operating cash flow $ 1,169,938 $ 1,095,112 $ 1,305,133
Total debt to capitalization 11.0% 19.2% 20.7%
TABLE OF CONTENTS
ITW at a Glance 2 Six Simple Truths 3 Business Review 16 Management Team 18 Letter to Shareholders 20
Management’s Discussion and Analysis 25 Reports of Independent Public Accountants 43 Financial Statements 45
Notes to Financial Statements 48 Eleven-Year Financial Summary 72 Corporate Executives and Directors 74
4. 2 2 0 0 3 A N N U A L R E P O RT
ITW at a Glance
ILLINOIS TOOL WORKS INC. (NYSE: ITW) DESIGNS AND PRODUCES AN ARRAY OF HIGHLY ENGINEERED FASTENERS AND COMPONENTS,
EQUIPMENT AND CONSUMABLE SYSTEMS, AND SPECIALTY PRODUCTS AND EQUIPMENT FOR CUSTOMERS AROUND THE WORLD. A
LEADING DIVERSIFIED MANUFACTURING COMPANY WITH NEARLY 100 YEARS OF HISTORY, ITW’S MORE THAN 600 DECENTRALIZED
BUSINESS UNITS IN 44 COUNTRIES EMPLOY APPROXIMATELY 47,500 MEN AND WOMEN WHO ARE FOCUSED ON CREATING VALUE-
ADDED PRODUCTS AND INNOVATIVE CUSTOMER SOLUTIONS.
PRODUCT CATEGORIES MAJOR BUSINESSES PRIMARY END MARKETS
ENGINEERED PRODUCTS Short lead-time plastic Buildex, CIP, Deltar, Construction, automotive
NORTH AMERICA and metal components Devcon, Drawform, Fastex, and general industrial
and fasteners, and Fiberglass Evercoat,
specialty products such as Minigrip/Zip-Pak, Paslode,
adhesives, fluid products Ramset/Red Head,
and resealable packaging Shakeproof, TACC,
Texwipe and Wilsonart
ENGINEERED PRODUCTS Short lead-time plastic Bailly Comte, Buildex, Construction, automotive
INTERNATIONAL and metal components Deltar, Fastex, Ispra, and general industrial
and fasteners, and Meritex, Nexus, Paslode,
specialty products such Ramset/Red Head,
as electronic component Resopal, Rocol, Shakeproof,
packaging SPIT and Wilsonart
SPECIALTY SYSTEMS Longer lead-time machinery Acme Packaging, Food retail and service,
NORTH AMERICA and related consumables, Angleboard, Binks, general industrial,
and specialty equipment DeVilbiss, Gerrard, construction, and food
for applications such as Hi-Cone, Hobart, and beverage
food service and industrial ITW Foils, Miller,
finishing Ransburg, Signode,
Valeron, Unipac and
Vulcan
SPECIALTY SYSTEMS Longer lead-time machinery Auto-Sleeve, Binks, General industrial, food
INTERNATIONAL and related consumables, Decorative Sleeves, retail and service, and
and specialty equipment DeVilbiss, Elga, Foster, food and beverage
for applications such as Gema, Gerrard, Hi-Cone,
food service and industrial Hobart, ITW Foils, Mima,
finishing Orgapack, Ransburg,
Signode, Simco, Strapex
and Tien Tai Electrode
LEASING & This segment makes opportunistic investments in the following categories: mortgage
INVESTMENTS entities; leases of telecommunications, aircraft, air traffic control and other equipment;
properties and property developments; affordable housing; and a venture capital fund
5. ILLINOIS TOOL WORKS INC. 3
We believe the future of good business is
deeply rooted in the past. By following six
simple truths that stand the test of time,
we are able to make continual process and
product improvements for customers, while
producing solid results for our shareholders.
After nearly 100 years of being in business, basic
wisdom endures as our tried-and-true approach
quietly succeeds.
6. 4 2 0 0 3 A N N U A L R E P O RT
Diversification yields opportunity.
We operate a collection of business units Our decentralized operating strategy For our shareholders, the advantage of
and brands across diverse worldwide end places our businesses close to the people diversification allows us to overcome market
markets. Because of our decentralized who buy our products. This familiarity uncertainties. Strength in one market
structure, we’re able to move quickly results in entrepreneurial sales and helps offset fluctuations in another.
and take full advantage of profitable support activities, where we can quickly When assets are used efficiently (thanks
opportunities within these markets. We identify and respond to customer needs to our 80/20 process) throughout a broad
do this by maximizing our business mix by providing original, customized products mix of markets, risk is reduced and we
and utilizing our operating discipline to and service. optimize our ability to produce improved
best serve our customers. financial results and shareholder returns.
9. ILLINOIS TOOL WORKS INC. 7
We search high and low for greater performance.
ITW is a lean organization. We believe Because we operate multiple companies, that grow, costs that fall, inventory levels
improvements throughout our business our disciplined 80/20 business process that shrink—that’s the way we operate.
operations should be continual and ensures that our primary focus stays
With a flat organizational structure,
tied directly to financial results. That’s right where it needs to be—on the key
business unit managers are entrusted
why our global workforce is relentless in 20 percent of customers and core
to make timely decisions and efficient
its pursuit of new thinking and innovative products that account for 80 percent of
use of the teams they lead. Encouraged to
solutions that will further streamline our sales. The results of this 80/20
manage with the authority of an owner, they
ITW’s process and practices. We strive process are more relevant product
forge close customer relationships and
to use every available internal asset at development and delivery geared
develop unique entrepreneurial opportunities
a cost advantage. specifically toward the most important
that keep ITW in step with customers.
customer needs and interests. Margins
10. 8 2 0 0 3 A N N U A L R E P O RT
We have the patents to prove it.
We’re not searching for The Next Big Many of our product success stories close to our customers leads to novel
Thing on which to rest our laurels. Instead, begin on-site, where our customers’ product insights.
we think that a constant stream of small- needs are most apparent. Thanks to
ITW’s passion for creation is no secret,
but-mighty innovations will foster the the expertise of ITW’s management and
considering we typically rank in the
most valuable gains. That’s why we place sales force (many of whom are trained
top 100 of patent recipients in the United
a great premium on the development of engineers), we are well equipped to
States. In 2003, we had more than
thousands of engineered products and provide practical and time-sensitive
14,000 unexpired patents and pending
specialty systems that are created and solutions to the most complex situations.
applications worldwide.
later improved in direct partnership with Our seasoned workforce intimately
our customers. Whether it is a multipack understands the manufacturing
carrier used for bottled water or a challenges facing customers and can
construction fastener used in a home, develop original solutions from the
ITW’s culture is rooted in innovation. ground up. We’re confident that staying
12. 10 2 0 0 3 A N N U A L R E P O RT
Call us persistent explorers of opportunity.
ITW’s disciplined acquisition strategy is strengths rather than purely financial five-year period. We accomplish this
driven by a bottom-up approach that goals. Because of these criteria, ITW has through the application of our disciplined
begins at the business unit and customer a proven track record for maintaining a 80/20 business process, enabling ITW to
levels. Our business units are constantly diverse portfolio of industry-leading brands, streamline operations and refocus efforts
looking to acquire complementary as well as for integrating value-added toward the most profitable areas of the
businesses, product lines and technologies acquisitions that thrive. Simply put, we business. We expect this improvement of
that make sense for our customers. buy what’s best for our customers. every new business we acquire.
We look to add companies that are Once under the ITW umbrella, acquired
positioned for long-term growth— companies are expected to significantly
emphasizing product and market improve their operating margins over a
15. ILLINOIS TOOL WORKS INC. 13
Money isn’t everything—but results are.
Consistent performance and fiscal We’re proud of our track record, which Our ability to perform, even in times of
responsibility are ITW hallmarks. Our features strong financial results as well as economic uncertainty, reflects our
strong financial metrics, healthy balance solid returns for our investors around the strength and consistency as a company.
sheet and transparent reporting process world. Over the past 25 years, revenues
Our straightforward culture of responsibility,
continue to ensure we’re trusted as a and earnings per share have grown at a
open communication and ownership
quality company. Key to our impressive compounded annual rate of 14 percent
allows us to address tough times frankly,
performance is our commitment to and 13 percent, respectively. During the
report our results honestly and build our
achieving value-added returns, delivering same time frame, return on invested
businesses consistently. For ITW, the
healthy free operating cash flows and capital has averaged 15 percent, and
means are as valuable as the ends.
improving already strong margins. shareholder returns have grown at a
compounded annual rate of 19 percent.
16. 14 2 0 0 3 A N N U A L R E P O RT
Just ask our highly tenured faculty.
At ITW, experience has always been the business. Our eight EVPs share an Our leaders are dedicated to building
key to our success. We’re fortunate that average tenure of 24 years at the company. on ITW’s rich history to pave the way for
our continued growth has been nurtured Just as they did nearly a century ago, an even more promising future. We
by dedicated, capable—and proudly— ITW’s leaders today understand the value succeed by placing the greatest value
homegrown leaders who built ITW from of sticking to some surprisingly basic on experience while building a more
the ground up. The bedrock principles principles—like patience, common sense, resilient company, a stronger bottom line
these leaders embodied from the start are client focus and confidence. These and increasing customer trust. Just as
the very ones that guide our business fundamental principles define our business we’ve done from the start.
decisions and activities today. managers who recognize and seize
opportunity, take calculated risks and
Since our founding in 1912, we have share their vision with both customers
relied on just four CEOs to lead the and employees.
18. 16 2 0 0 3 A N N U A L R E P O RT
Business Review
Key Components of Revenue Growth
CURRENT YEAR VERSUS PRIOR YEAR COMPARISON
BASE BUSINESS CURRENCY TOTAL
YEAR REVENUES ACQUISITIONS TRANSLATION REVENUES
2003 -2% +3% +6% +6%
2002 -2% +2% +1% +2%
2001 -7% +7% -2% -2%
2000 +2% +8% -3% +7%
1999 +3% +10% -1% +11%
ITW’s revenue growth primarily consists of contributions from three sources: base business, acquisitions and currency translation. Over
the past 10 years, base business revenues have grown an average of 2 percent. This 10-year growth figure was dampened most recently
by the weak economic conditions and challenging end markets we experienced over the past three years, especially in North America.
Contributions to revenue growth from acquisitions have averaged 6 percent since 1999, even as our ability to close deals over the past
two years was affected by what we considered unrealistic pricing demands from sellers. Currency translation turned positive in 2002 and
2003, mainly as a result of the strength of European currencies versus the U.S. dollar. While approximately 40 percent of ITW’s revenues
are derived outside the United States, nearly 70 percent of international revenues are produced within Europe.
Acquisitions
NUMBER ACQUIRED REVENUES ITW BUSINESS
OF DEALS (IN MILLIONS) UNITS
2003 28 $ 347 622
2002 21 195 603
2001 29 556 614
2000 45 1,000 592
1999 32 3,800 488
1998 36 818 412
1997 28 420 368
1996 19 845 310
1995 21 436 240
We run a disciplined acquisition program that typically focuses on purchasing smaller, privately held companies that add distinct value
for our customers, as well as complement or expand our existing product and technology offerings. On occasion, we will complete a
larger, top-down deal. We have only closed four of these larger deals since 1986. We are diligent in our pursuit of quality products and
companies, as well as fair and reasonable purchase prices. While acquisition activity is never a straight-line proposition, we are encouraged
by the improvement in both the number of deals closed and revenues acquired in 2003.
19. ILLINOIS TOOL WORKS INC. 17
Portfolio Diversification
1998 2003
13%
0% 22% OTHER
22%
27%
OTHER
16%
F O O D R E TA I L & S E RV I C E
4% CONSUMER
AU T O M O T I V E
DURABLES
CONSTRUCTION 6%
20% FOOD &
6%
CONSUMER
BEVERAGE
DURABLES
25%
8%
FOOD &
14%
BEVERAGE
GENERAL
17% INDUSTRIAL
GENERAL
INDUSTRIAL
The comparison between our 1998 and 2003 revenue portfolios illustrates how the 1999 addition of Premark’s food equipment companies
further diversified our business mix. At year-end 2003, 13 percent of total revenues came from food equipment, which helped reduce
our automotive exposure to 16 percent. While construction revenues have grown modestly due to the addition of Premark’s Wilsonart
laminate business, these revenues tend to exhibit different sales cycles as a result of customer segmentation in the commercial,
remodeling/rehab and new housing sectors.
CONSTRUCTION AUTOMOTIVE FOOD RETAIL & SERVICE
2003
2003 2003
SERVICE AND PARTS
OEMs
COMMERCIAL
NEW
HOUSING
28%
40%
27% FOOD SERVICE
42% 56%
58%
16%
33% FOOD RETAIL
REMODELING/ TIER 1 AND
REHAB TIER 2 SUPPLIERS
Serving distinct segments of the construction We serve leading Tier 1 and Tier 2 suppliers, We sell to three distinct food-related channels:
market—the commercial, remodeling/rehab as well as a wide range of worldwide original food service, which includes restaurants,
and new housing sectors—provides further equipment manufacturers, including VW, cafeterias and other institutions; food retail,
portfolio diversification. Today’s near balance Ford, Renault and General Motors. Our which encompasses supermarkets; and the
among these three sectors owes much to automotive end market continues to gain service and parts segment. Geographically,
the tremendous growth in the remodeling/ better balance geographically, with 57 international sales account for approximately
rehab segment in the 1990s. Our worldwide percent of our revenues generated from 31 percent of total food retail and service
reach resulted in 41 percent of 2003 revenues North American customers and 43 percent revenues, with the majority emanating from
coming from international operations. from European automakers. Western European countries.
20. 18 2 0 0 3 A N N U A L R E P O RT
Management Team
DAVID B. SPEER FRANK S. PTAK JON C. KINNEY JAMES M. RINGLER
Executive Vice President Vice Chairman Chief Financial Officer Vice Chairman
THOMAS J. HANSEN PHILIP M. GRESH, JR.
Executive Vice President Executive Vice President
21. ILLINOIS TOOL WORKS INC. 19
W. JAMES FARRELL RUSSELL M. FLAUM ALLAN C. SUTHERLAND
Chairman & Executive Vice President Senior Vice President
Chief Executive Officer
HUGH J. ZENTMYER DAVID T. FLOOD
Executive Vice President Executive Vice President
22. 20 2 0 0 3 A N N U A L R E P O RT
To Our Shareholders
The well-known proverbs featured in this year’s annual report reflect the way your company has done business
for more than 90 years: with integrity and intensity, an all-out commitment to quality and a shop-floor
understanding that earning the trust of the customer is everyone’s job, every day. Our goals were, and will
be, to make and market superior, value-added products; to consistently deliver high-quality earnings; and
to be open and accountable—with our customers, our investors, our employees and others.
In 2003, we made progress in all of these areas. Despite difficult conditions in many of our markets, ITW’s
more than 600 worldwide business units grew profitably by innovating in response to real customer needs,
improving their own productivity, and acquiring new products and technologies. The result: record net
income, even as companies and economies struggled with continued weak demand.
2003 Financial Results
In 2003, revenues, operating income, income from continuing operations and operating margins all showed
healthy gains. For the full year, ITW generated $10 billion in revenues, a 6-percent rise over 2002. The
revenue increase was fueled by 3-percent growth through acquisitions and a 6-percent contribution from
currency translation. These gains were offset by a 2-percent decline in global base business revenues due
to weakness in many of our end markets, including Europe, Australia, Asia and, especially, North America.
Despite still-sluggish economies, ITW grew operating income 8 percent and increased income from continuing
operations 12 percent for full-year 2003. As a result, worldwide operating margins rose to 16.3 percent for
the year, 40 basis points higher than in 2002. In 2003, we also generated $1.2 billion in free operating
cash flow, $75 million more than the prior year.
Just as important as the quantity of our earnings was the quality. ITW rarely takes special charges and does
not report “pro forma” results; our restructuring expenses are considered an everyday cost of doing business.
So income generated by our operating units translates directly into the earnings we report every quarter.
The quality of earnings also is reflected in our rigorous inventory grading policy, conservative depreciation
of plant and equipment, and cumulative free cash flow from operations, which for the past five years was
15 percent above income from continuing operations.
The quality and consistency of your company’s financial performance was noted in a 2003 Standard & Poor’s
study that rated more than 3,400 U.S. companies and their stocks based on long-term earnings growth,
dividends and strong balance sheets. ITW was one of only 45 “Straight-A” companies to earn an A+
ranking. Over the past 25 years, your company has averaged 13-percent annual earnings per share growth,
15-percent return on average invested capital and 19-percent annual shareholder returns—an enviable track
record for any company.
23. ILLINOIS TOOL WORKS INC. 21
80/20 Process: Tried and Tested
What drives these results? We believe it is our time-tested 80/20 business planning process. Simply put,
our business units—big and small, new and old—focus their attention and resources on the 20 percent of
customers and products that generate 80 percent of revenues. Each business executes a multifaceted,
three- to five-year simplification plan. It begins with a hard look at the unit’s products, customers and suppliers.
Then it identifies high volume areas and corresponding opportunities for new product development. When
appropriate, we segment our businesses to make them smaller and more manageable. We ensure that
factory floors are flexible and responsive to the changing marketplace. We manufacture to the rate of
demand. We also outsource some products or partner with suppliers who are adept at producing them.
By keeping our businesses and systems simple, we are able to successfully manage large numbers of
companies in different markets.
Premark Outlook
A prime example of the 80/20 process in action is ITW’s 1999 merger with Premark International, our largest
acquisition to date. As part of the five-year simplification process, we divested businesses that didn’t fit
strategically—most recently, the Florida Tile business in the fourth quarter of 2003. We increased operating
margins from 9 percent in 1999 to 16 percent in 2003, despite the fact that growth in Premark’s top product
lines decreased nearly 10 percent for the past four years due to weak end markets. Now in the final year of
our five-year profitability improvement plan, we are on track to double Premark’s operating margin and reach
our margin goal of 18 percent by the end of 2004. We expect that financial performance of the Premark
businesses will continue to improve, driven by new product development and greater operating efficiencies.
Looking to 2004
If the North American economy builds on the modest momentum it developed during the fourth quarter of
2003, ITW’s businesses are poised to deliver improved financial results. Our strategy will continue to focus
on three key objectives:
1. Grow our base businesses. ITW’s decentralized structure drives growth and profit in our base businesses.
Our entrepreneurial general managers around the world stay close to our people, businesses, processes
and customers. Proximity helps us be exceptionally responsive—often resolving issues before they become
problems, and identifying opportunities before they become apparent to competitors.
2. Make value-adding acquisitions. With more than $1 billion in cash on our balance sheet, ITW is well
positioned to take advantage of solid acquisition targets in 2004. Our experienced management team has
a record for making decisions and finding companies that create lasting value for customers and investors.
For example, over the past 25 years approximately 90 percent of our acquisitions have returns that exceed
our cost of capital.
24. 22 2 0 0 3 A N N U A L R E P O RT
3. Develop product and process innovations for our customers. ITW’s business is creating businesses.
We’re constantly looking for new growth opportunities—both in our long-time units and recent acquisitions.
An intimate knowledge of our customers’ operations helps us improve existing products and develop new
ones that deliver real results.
We are hopeful that the global economy will continue to strengthen in 2004. But ITW is positioned to perform
even in challenging environments. As always, we are aided by an outstanding management team and an
independent board of directors. They provide sound strategic direction and share a strong commitment to
corporate governance practices that preserve and protect value for investors.
We also have long-term employees and general managers who thrive in our entrepreneurial, decentralized
structure. They are dedicated to making a difference for those who buy and use our products. We have
customers who, like ITW, are primed for economic recovery. And we have loyal shareholders who continue to
rely on us for consistent, quality returns. To all, we offer our thanks and pledge our continued best efforts.
February 27, 2004
FRANK S. PTAK W. JAMES FARRELL JAMES M. RINGLER
Vice Chairman Chairman & Chief Executive Officer Vice Chairman