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.
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.
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.
This document provides a 3-sentence summary of a 2013 company profile for Shinhan Inc.:
Shinhan Inc. is a South Korean company that develops network attached storage solutions and industrial computer equipment. Founded in 2000, Shinhan Inc. has grown to include software and hardware development, computer peripherals businesses, and serves as a supplier for business-to-business and government-to-business markets. The company profile outlines Shinhan Inc.'s CEO, history, products, vision, benefits of their solutions, and educational and business customer references.
Wesco International is a leading distributor of electrical construction products and electrical/industrial maintenance supplies. It operates distribution centers and branches across North America and internationally. In 2002, Wesco's sales declined 9% due to weak industrial markets and a drop in construction projects. However, Wesco focused on improving operations and reducing costs to position itself for growth when the economy recovers. Wesco also strengthened its balance sheet and arranged new credit facilities. While 2002 profits increased, total sales revenue declined 9% due to the difficult market conditions.
Emissions Technologies announced it has reached an agreement to sell its Emissions Technologies business to One Equity Partners for $310 million. The transaction is expected to close in the third fiscal quarter of 2007. The sale will allow ArvinMeritor to focus on its core businesses of chassis, drivetrain and apertures. ArvinMeritor provided an outlook for fiscal year 2007 following the sale, expecting sales of $5.9-6.1 billion and diluted EPS of $1.00-1.10.
The document summarizes Tim Ash's presentation at Pubcon Las Vegas on leveraging visual elements to increase ROI. It discusses how the brain processes visual information more quickly than text, and there is a hierarchy of visual impact with images being more attention-grabbing than text. It provides strategies for optimization, such as using images to draw attention to offers, removing visual distractions, and testing different uses of video. It also advertises a free conversion review for companies doing over $1 million in online revenue.
This document lists the executive officers of Dominion, including Thomas F. Farrell II as Chairman, President, and Chief Executive Officer. It provides names, titles, and areas of responsibility for 13 executive officers, such as David A. Christian as President and Chief Nuclear Officer of Dominion Nuclear.
Este documento presenta el programa general de un curso de Álgebra Abstracta dividido en 14 fascículos. El curso cubrirá temas como lógica proposicional, conjuntos, relaciones, funciones, inducción matemática, métodos de conteo, grafos y árboles. El primer fascículo se centra en la lógica proposicional, analizando proposiciones, términos de enlace y tablas de verdad. El documento incluye los indicadores de logro esperados al finalizar el primer fascículo.
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.
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.
This document provides a 3-sentence summary of a 2013 company profile for Shinhan Inc.:
Shinhan Inc. is a South Korean company that develops network attached storage solutions and industrial computer equipment. Founded in 2000, Shinhan Inc. has grown to include software and hardware development, computer peripherals businesses, and serves as a supplier for business-to-business and government-to-business markets. The company profile outlines Shinhan Inc.'s CEO, history, products, vision, benefits of their solutions, and educational and business customer references.
Wesco International is a leading distributor of electrical construction products and electrical/industrial maintenance supplies. It operates distribution centers and branches across North America and internationally. In 2002, Wesco's sales declined 9% due to weak industrial markets and a drop in construction projects. However, Wesco focused on improving operations and reducing costs to position itself for growth when the economy recovers. Wesco also strengthened its balance sheet and arranged new credit facilities. While 2002 profits increased, total sales revenue declined 9% due to the difficult market conditions.
Emissions Technologies announced it has reached an agreement to sell its Emissions Technologies business to One Equity Partners for $310 million. The transaction is expected to close in the third fiscal quarter of 2007. The sale will allow ArvinMeritor to focus on its core businesses of chassis, drivetrain and apertures. ArvinMeritor provided an outlook for fiscal year 2007 following the sale, expecting sales of $5.9-6.1 billion and diluted EPS of $1.00-1.10.
The document summarizes Tim Ash's presentation at Pubcon Las Vegas on leveraging visual elements to increase ROI. It discusses how the brain processes visual information more quickly than text, and there is a hierarchy of visual impact with images being more attention-grabbing than text. It provides strategies for optimization, such as using images to draw attention to offers, removing visual distractions, and testing different uses of video. It also advertises a free conversion review for companies doing over $1 million in online revenue.
This document lists the executive officers of Dominion, including Thomas F. Farrell II as Chairman, President, and Chief Executive Officer. It provides names, titles, and areas of responsibility for 13 executive officers, such as David A. Christian as President and Chief Nuclear Officer of Dominion Nuclear.
Este documento presenta el programa general de un curso de Álgebra Abstracta dividido en 14 fascículos. El curso cubrirá temas como lógica proposicional, conjuntos, relaciones, funciones, inducción matemática, métodos de conteo, grafos y árboles. El primer fascículo se centra en la lógica proposicional, analizando proposiciones, términos de enlace y tablas de verdad. El documento incluye los indicadores de logro esperados al finalizar el primer fascículo.
The document summarizes a conference on adding value to vehicle interiors. It discusses OEM priorities to improve interior quality to levels of German and Japanese competitors. Research found safety and comfort features like seats were highly valued. It also overviewed trends in integrated center stacks, mobile entertainment, and hands-free communication. The conference highlighted opportunities for common interior architectures and flexible seating platforms to reduce costs while adding features customers demand.
1) Arrow Electronics reported Q4 earnings that were in line with expectations, but the macroeconomic pressures intensified in Q4 with continued weakness in demand.
2) To navigate the difficult market conditions, Arrow implemented cost reduction efforts that are expected to reduce annual operating expenses by over $175 million, including headcount reductions and facility closures.
3) In its Global Components segment, Arrow saw sales declines accelerate in December, particularly in North America as customer shutdowns increased in response to the economic downturn. Leading indicators like order cancellations also rose.
The document describes the daily routine of a child who wants to grow up and act like an adult. It details the steps they take each morning to get ready for school, including waking up, using the bathroom, washing their hands and face, eating breakfast, brushing their teeth, and getting dressed. It also discusses their evening routine of taking a bath, putting on pajamas, helping set the table for dinner, eating everything on their plate to grow big and strong, cleaning their teeth after eating, and going to bed early. The child expresses excitement about learning to do things on their own like adults.
Management is responsible for preparing Anheuser-Busch's financial statements according to accounting principles and for maintaining effective internal controls over financial reporting. The board of directors oversees the financial reporting and internal controls systems. Management assessed the effectiveness of internal controls based on the COSO framework and concluded they were effective as of December 31, 2005. An independent auditor also audited the financial statements and internal controls and issued reports on both.
The document discusses various settings that can be configured in the Bambuser application for live video broadcasting, including camera selection, video size and quality, audio quality, geotagging, username/password, and automatic update checking. Settings like video size can be adjusted based on internet connection quality, and options like saving passwords allow for faster launching of broadcasts.
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2003. It includes Illinois Tool Works' unaudited financial statements, including their statement of income and statement of financial position for the periods. The statement of income shows that revenues increased but net income decreased in the first six months of 2003 compared to the same period in 2002. The statement of financial position lists their assets, liabilities, and stockholders' equity as of June 30, 2003 and December 31, 2002.
This 3 sentence document provides instructions for playing the board game Monopoly. It introduces the game board as the first component, then mentions money as the second key item, and finally notes playing cards are also involved.
This document summarizes a presentation given by Lear Corporation at an industrial conference. It discusses Lear's strategic overview and financial performance. Lear is the world's largest automotive interior supplier, with record sales and improving financial metrics. It aims to profitably grow its business globally by leveraging its leadership position and expanding in Europe and Asia. Lear also generates strong cash flow and has a record backlog to support continued growth. The presentation outlines Lear's goals for 2004 of achieving further sales and earnings growth through operational excellence and innovation.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
O documento apresenta várias ilusões ópticas e perguntas sobre imagens que desafiam a percepção visual. As ilusões incluem perguntas sobre o número de patas de um elefante, qual círculo é maior e imagens que parecem se mover ou ter sombras desaparecendo quando se olha fixamente para elas.
Dominion Resources is one of America's leading energy companies, serving over 5 million customers in the mid-Atlantic, Midwest and Northeast regions. It employs over 17,000 people and has a diverse portfolio of energy generation and delivery assets, including 26,500 megawatts of electric generation, 14,000 miles of natural gas transmission pipelines, and the nation's largest underground natural gas storage system. Dominion also provides retail energy to customers in 11 states.
The European Union is committed to promoting full employment and social progress. In response to high unemployment levels following the economic crisis, the EU has developed policies to coordinate Member State actions and promote job growth. The Europe 2020 strategy sets targets for increasing employment, education levels, and reducing poverty across EU countries. The European Employment Strategy uses an open method of coordination to monitor progress and make recommendations for national reforms. Member States develop programs to meet EU targets, while mutual learning and research support policy development.
Humanity Unites Brilliance is a For-Profit Humanitarian company. This is the compensation for creating sustained abundance for the impoverished parts of the world.
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.
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.
The document summarizes a conference on adding value to vehicle interiors. It discusses OEM priorities to improve interior quality to levels of German and Japanese competitors. Research found safety and comfort features like seats were highly valued. It also overviewed trends in integrated center stacks, mobile entertainment, and hands-free communication. The conference highlighted opportunities for common interior architectures and flexible seating platforms to reduce costs while adding features customers demand.
1) Arrow Electronics reported Q4 earnings that were in line with expectations, but the macroeconomic pressures intensified in Q4 with continued weakness in demand.
2) To navigate the difficult market conditions, Arrow implemented cost reduction efforts that are expected to reduce annual operating expenses by over $175 million, including headcount reductions and facility closures.
3) In its Global Components segment, Arrow saw sales declines accelerate in December, particularly in North America as customer shutdowns increased in response to the economic downturn. Leading indicators like order cancellations also rose.
The document describes the daily routine of a child who wants to grow up and act like an adult. It details the steps they take each morning to get ready for school, including waking up, using the bathroom, washing their hands and face, eating breakfast, brushing their teeth, and getting dressed. It also discusses their evening routine of taking a bath, putting on pajamas, helping set the table for dinner, eating everything on their plate to grow big and strong, cleaning their teeth after eating, and going to bed early. The child expresses excitement about learning to do things on their own like adults.
Management is responsible for preparing Anheuser-Busch's financial statements according to accounting principles and for maintaining effective internal controls over financial reporting. The board of directors oversees the financial reporting and internal controls systems. Management assessed the effectiveness of internal controls based on the COSO framework and concluded they were effective as of December 31, 2005. An independent auditor also audited the financial statements and internal controls and issued reports on both.
The document discusses various settings that can be configured in the Bambuser application for live video broadcasting, including camera selection, video size and quality, audio quality, geotagging, username/password, and automatic update checking. Settings like video size can be adjusted based on internet connection quality, and options like saving passwords allow for faster launching of broadcasts.
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2003. It includes Illinois Tool Works' unaudited financial statements, including their statement of income and statement of financial position for the periods. The statement of income shows that revenues increased but net income decreased in the first six months of 2003 compared to the same period in 2002. The statement of financial position lists their assets, liabilities, and stockholders' equity as of June 30, 2003 and December 31, 2002.
This 3 sentence document provides instructions for playing the board game Monopoly. It introduces the game board as the first component, then mentions money as the second key item, and finally notes playing cards are also involved.
This document summarizes a presentation given by Lear Corporation at an industrial conference. It discusses Lear's strategic overview and financial performance. Lear is the world's largest automotive interior supplier, with record sales and improving financial metrics. It aims to profitably grow its business globally by leveraging its leadership position and expanding in Europe and Asia. Lear also generates strong cash flow and has a record backlog to support continued growth. The presentation outlines Lear's goals for 2004 of achieving further sales and earnings growth through operational excellence and innovation.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
O documento apresenta várias ilusões ópticas e perguntas sobre imagens que desafiam a percepção visual. As ilusões incluem perguntas sobre o número de patas de um elefante, qual círculo é maior e imagens que parecem se mover ou ter sombras desaparecendo quando se olha fixamente para elas.
Dominion Resources is one of America's leading energy companies, serving over 5 million customers in the mid-Atlantic, Midwest and Northeast regions. It employs over 17,000 people and has a diverse portfolio of energy generation and delivery assets, including 26,500 megawatts of electric generation, 14,000 miles of natural gas transmission pipelines, and the nation's largest underground natural gas storage system. Dominion also provides retail energy to customers in 11 states.
The European Union is committed to promoting full employment and social progress. In response to high unemployment levels following the economic crisis, the EU has developed policies to coordinate Member State actions and promote job growth. The Europe 2020 strategy sets targets for increasing employment, education levels, and reducing poverty across EU countries. The European Employment Strategy uses an open method of coordination to monitor progress and make recommendations for national reforms. Member States develop programs to meet EU targets, while mutual learning and research support policy development.
Humanity Unites Brilliance is a For-Profit Humanitarian company. This is the compensation for creating sustained abundance for the impoverished parts of the world.
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.
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 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.
The ITW Annual Report 2003 document contains the following key information:
1) ITW operates over 600 decentralized business units across 44 countries focused on engineered products and specialty systems for diverse end markets.
2) In 2003, ITW achieved operating revenues of $10.035 billion, operating income of $1.633 billion, and income from continuing operations of $1.040 billion.
3) ITW pursues continual improvement and innovation through a disciplined 80/20 process, focusing on the most important customers and products to drive improved financial results.
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.
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.
Fiscal 2001 was a mixed year for Sun Microsystems. While revenue grew 16% to $18.25 billion, net income declined 50% to $927 million due to economic pressures. Sun believes its focus on networking positions it well for long-term growth, and it will continue investing heavily in R&D. The company aims to provide increasing customer satisfaction and shareholder value going forward through its diverse product portfolio and commitment to open standards.
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.
Goodrich's aerospace division had a successful 2000, with operating income increasing 6% to a record $592 million. The division completed seven acquisitions that are expected to add $330 million in sales in 2001. Goodrich launched innovative new aerospace products and announced new contracts worth $2 billion. The division remains focused on strategic growth through acquisition and internal innovation.
The document is BFGoodrich's 2000 Annual Report. It provides an overview of the company's performance in 2000 including:
- Sales increased 1% to $4.36 billion while net income rose 3.8% to $317.5 million.
- The company acquired 7 businesses and launched new products that could generate $2 billion in future revenues.
- Plans were announced to divest the Performance Materials business and focus resources on Aerospace and Engineered Industrial Products. $1 billion in after-tax cash proceeds are anticipated from the sale.
- The company achieved record operating margins in Aerospace while new strategic partnerships and innovative new products were launched.
This document is the annual report for Jabil Circuit Inc. for fiscal year 2007. It summarizes the company's financial performance, discusses changes made to improve performance, and outlines goals for the future. Specifically, it discusses:
1) Restructuring the company into three divisions - EMS, Consumer Electronics, and Aftermarket Services - to improve focus and accountability.
2) Areas of growth and challenges faced by each division in fiscal year 2007.
3) Additional changes made to improve financial results, including exiting underperforming product lines and acquiring new technology.
4) Goals for fiscal year 2008, including expanding returns, improving cash flow and productivity across all divisions.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
- Illinois Tool Works Inc. (ITW) is a worldwide manufacturer of engineered products and systems organized into 5 segments: Engineered Products—North America, Engineered Products—International, Specialty Systems—North America, Specialty Systems—International, and Leasing and Investments.
- ITW focuses on key performance metrics like revenues, income, margins, and applies an "80/20 simplification process" to focus on the most important parts of the business.
- Across segments, results varied in 2002 from 2001 - some saw income increases from cost improvements and acquisitions while others faced revenue declines from slower end markets.
- Illinois Tool Works Inc. (ITW) is a worldwide manufacturer of engineered products and systems organized into 5 segments: Engineered Products—North America, Engineered Products—International, Specialty Systems—North America, Specialty Systems—International, and Leasing and Investments.
- ITW focuses on key performance metrics like revenues, income, margins, and applies an "80/20 simplification process" to focus on the most important parts of the business.
- Across segments, results varied in 2002 from 2001 - some saw income increases from cost improvements and acquisitions while others faced revenue declines from slower end markets.
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.
- Wipro helps customers innovate to differentiate themselves and address challenges like talent shortages, rising costs, and regulatory changes.
- Wipro has helped customers create innovative solutions like the world's smallest dishwasher and tools to reduce energy footprint and costs.
- Wipro promotes business agility for customers through variabilization, enabling flexible scaling of IT resources on demand through cloud computing and pay-per-use models. This allows customers to optimize costs and drive efficiency.
Entegris achieved its 36th consecutive year of profitability in fiscal year 2002 despite challenging market conditions in the semiconductor industry. Revenue declined 36% year-over-year to $219.8 million due to the industry downturn. However, the company generated $30 million in cash from operations and maintained a strong balance sheet and cash position of $119 million. Entegris focused on controlling costs through plant consolidations and reductions, resulting in $10 million lower quarterly fixed costs. The company also invested in innovation, expanding its technology leadership and product portfolio. Entegris set new 5-year goals to strengthen its position in existing markets and expand into new markets like life sciences and fuel cells.
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.
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.
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.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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1. ILLINOIS TOOL WORKS INC.
What
Counts?
2001 Annual Report
ILLINOIS TOOL WORKS INC. 2001 Annual Report
2. Financial Highlights
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 90 years of history, ITW’s 600 decentralized business units in 43 countries employ approximately 52,000 men and
women who are focused on creating value-added products and innovative customer solutions.
3. ITW AT A GLANCE Product Categories Major Businesses Primary End Markets
Engineered Products Short lead-time plastic Anchor, Buildex, Construction, automotive,
and metal components and Chemtronics, Deltar, general industrial and
North America
fasteners, and specialty Devcon, Duo-Fast, consumer durables
products such as polymers, Fastex, Foamseal, Medalist,
fluid products and reseal- Minigrip/Zip-Pak, Paslode,
able packaging Plexus, Ramset/Red Head,
Shakeproof and Wilsonart
Engineered Products Short lead-time plastic Buildex, Deltar, Fastex, Construction, automotive,
and metal components Henschel, Highland, general industrial, consumer
International
and fasteners, and Ispra, Jemco, Magnaflux, durables and electronics
specialty products such Meritex, Nexus, Plexus,
as polymers, fluid Ramset/Red Head,
products and electronic Shakeproof and SPIT
component packaging
Specialty Systems Longer lead-time Angleboard, BGK, Food retail and service,
machinery and related Dynatec, Hi-Cone, general industrial,
North America
consumables, and Hobart, Loveshaw, construction, and food
specialty equipment Miller Electric, and beverage
for applications such Norwood Marking,
as food service and PRO/MARK, Ransburg,
industrial finishing Signode, Traulsen,
Trident and Vulcan
Specialty Systems Longer lead-time Auto-Sleeve, DeVilbiss, General industrial, food
machinery and related Dynatec, Gema, Gunther, retail and service, and
International
consumables, and Hi-Cone, Hobart, ITW food and beverage
specialty equipment Foils, Mima, Orgapack,
for applications such Signode and Simco
as food service and
industrial finishing
Leasing and Investments This segment makes opportunistic investments in mortgage-related assets, leveraged
and direct financing leases of aircraft and other equipment, properties and property
developments, affordable housing and a venture capital fund
4. FINANCIAL HIGHLIGHTS
Dollars in thousands except per share amounts 2001 2000 1999
Year Ended December 31
Operating Results
Operating revenues $9,292,791 $ 9,511,647 $ 8,840,454
Operating income 1,306,103 1,577,453 1,390,038
Operating income margin 14.1% 16.6% 15.7%
Income from continuing operations $ 802,449 $ 969,451 $ 835,895
Return on operating revenues 8.6% 10.2% 9.5%
Operating income margins by segment:
Engineered Products—North America 16.1% 19.2% 18.9%
Engineered Products—International 10.9 10.3 10.0
Specialty Systems—North America 12.5 16.8 17.0
Specialty Systems—International 9.8 9.9 9.6
Leasing and Investments 53.0 54.4 54.0
Per Share of Common Stock
Income from continuing operations:
Basic $ 2.64 $ 3.21 $ 2.78
Diluted 2.62 3.18 2.74
Cash dividends paid 0.82 0.74 0.61
Returns
Return on average invested capital 13.1% 17.0% 16.7%
Return on average stockholders’ equity 14.0 19.0 18.5
Liquidity and Capital Resources
Free operating cash flow $ 1,245,251 $ 909,882 $ 913,902
Total debt to capitalization 20.7% 26.8% 28.4%
5. Experienced managers who know what will
sell and how to sell it. Innovative product development people
who work closely with customers to create value-added
products. Decentralized businesses that are smartly run and located
where customers need them. Sales channels that are both
direct and distributor based. A diversified portfolio of revenues
that can soften economic fluctuations.
For ITW, these elements have added up to
tremendous success over the years. But to find out
what counts, we look beyond the numbers.
6. More than
4
$9,000,000,000
page
in revenues
We achieve top-line growth by concentrating on the bottom line.
Throughout our long history, ITW’s revenues have grown
steadily. We are now a Fortune 200 company with $9.3 billion
in revenues and thousands of customers and shareholders. As a
decentralized company, our revenues are generated from hun-
dreds of business units that operate independently under the
ITW umbrella.
7. 5
page
Key to our success is that as our resources broaden, our focus
narrows. Growing the top line is necessary to fund operations,
but our primary goal is adding value for our customers. While
many companies seek growth by producing commodity products
and raising prices, ITW concentrates on expanding the bottom
line. We do this by developing specialized products and acquir-
ing businesses that help to improve our market penetration.
8. 6
page
Generated by
52,000 ITW men and women
Successful decentralization requires employee know-how. We place an
unparalleled degree of trust in our business unit managers and the people
who work for them. Our lean corporate structure and steady flow of
acquisitions require our business units to initiate their own success. We
motivate our managers by creating an entrepreneurial culture that grants
them the authority—and accountability—of a business owner. We also
empower these men and women to build on their success by providing
capital for growth, facilitating product solutions through research and
development contributions, and removing bureaucratic roadblocks.
9. who produce some
5,000 product lines
7
page
Some of our best innovations come from simple observation. Some corpo-
rations design products specifically to increase sales volume. ITW’s main
goal is not to create a bestseller, but to enhance customers’ operations.
To attain that goal, ITW develops highly engineered, proprietary prod-
ucts. Our unique approach begins at our customers’ plants or worksites. By
working closely with our customers, we determine how an ITW product
or process could provide a better solution. Proof of our highly innovative
nature is seen in our patent activities. In 2001, we had more than 17,000
unexpired patents and pending patent applications worldwide.
10. At
600
8
page
ITW companies
80/20 is how we run our businesses. Six hundred individual business units operate
under the ITW umbrella, and 20 to 40 more are added each year due to acquisi-
tions. Though they vary in terms of products and services, our businesses share
certain essential elements. Each existing and newly acquired ITW business is run
in accordance with our 80/20 business process. The basic concept of 80/20 is to
structure each business around the key 20 percent of customers and products
which account for 80 percent of sales. This sensible, highly effective process is
applied companywide.
11. 9
page
Our strict acquisition criteria also directly tie to our 80/20 process. For example, we
typically acquire companies with well-respected brand names that are smaller,
undervalued and well managed. These new businesses, with their complement of
new products and processes, give us more capabilities to serve key 80/20 customers.
12. 10
page
Our global presence is driven by customer need. When it comes to international expansion, we
prefer to be a follower rather than a leader. Our goal is not to put more pins on a map, but rather
to be in the countries where our customers need us. ITW’s presence in 43 countries—and the
67/33 percent split between North American and international revenues in 2001—is largely
due to having followed our customers as they expanded globally and requested our capabilities.
Whether we are providing automotive products in Europe, construction products in Australia
or industrial packaging in Latin America, customer need is paramount.
13. Construction
Construction
General
Food & Beverage
Industrial
7 11
page
Focused on end markets
Food Retail
Consumer
& Service
Durable
Automotive Other
We serve diversified end markets. Serving diversified end markets gives us better portfolio
balance and helps lessen the shocks from economic instabilities. Our 1999 acquisition of
Premark added an entirely new end market—food retail and service—to our revenue mix.
This successful acquisition resulted in the addition of $1.5 billion in revenue and helped to
decrease our exposure to the automotive market. The Premark acquisition also increased our
construction presence and helped give us much better revenue balance in construction versus
10 years ago. Today, the new housing, commercial and renovation/rehab sectors each account
for roughly one-third of revenues within our construction portfolio.
14. We’ve found that what is most important can’t be counted—
Strengthening
1
12
page
to one relationships with customers
We are a global company with one simple philosophy. ITW is a multibillion-dollar company that produces
highly engineered products at hundreds of companies across the globe. Yet, we prefer to be known for one attrib-
ute: our customer focus. Proof of our customer commitment is found in every aspect of how we operate. Our
decentralized focus, our innovative products, our 80/20 process and our empowered men and women ensure that
our top customers receive our best resources. Put simply, our business units’ credo is to stay close to our customers.
15. 13
page
Our company is structured so a direct link exists between the performance of our customers’ businesses and that
of our own. Therefore, adding value for our customers is not just an ambition. Our success depends on it.
16. To Our Shareholders
he year 2001 will go down in history as yield- performance during times of economic downturn—to our
T ing the century’s first economic recession, one highly decentralized organization. Maintaining a flat
that was further heightened by the horrific organizational structure and granting significant
14
page
events of September 11. Just as our country was challenged autonomy to our individual businesses allow them to
and responded swiftly and responsibly, so too did ITW and respond quickly and directly to current customer and
our people. In 2001, our businesses grappled with a trou- end market conditions.
bled economic environment and dramatic falloffs in a A great deal of our business success is attributable
number of end markets. This resulted in an uncharac- to the active practice of our 80/20 business planning
teristic decline in operating revenues and profitability process. This process essentially allows our businesses
for the year, the first our company has seen since the to focus resources on key customers and end markets.
recession of the early 1990s. We believe the value of our 80/20 process has proven itself over
In our 90-year history, we have endured several the years, and it is now an operating philosophy that we apply
challenging economic situations. Each time, we’ve to everything we do. As we illustrate in this annual
emerged a stronger, leaner, more focused organization. report, we know what counts. Our day-to-day chal-
As the economy and our end markets rebound, which lenge is to channel our broadest resources toward one
we anticipate as 2002 unfolds, we believe ITW will overriding and critical goal: strengthening our “one-
show improved operating performance. to-one” customer relationships.
ITW performed well in 2001, factoring in the sig-
nificant weakness in the North American economy Financial Performance
during the year, and the slowing economic conditions As valued customers became affected adversely by the
internationally in the latter half of the year. We attrib- economic downturn, so were we. Contributing to our
ute our long-term sustainability—of both record earnings 2 percent decline in operating revenues for the year
during recent years of economic expansion and relatively good 2001 were a 7 percent decrease in base business and a
17. 2 percent decline in currency translation, offset by a weak top line performance and the lower margins
7 percent contribution from acquisitions. With operat- associated with our acquisitions. Our job is to take
ing income and diluted net income per share each advantage of the recovery in our end markets and 15
page
declining 17 percent for the full year, 2001 resulted in raise the margins of newly acquired businesses to
a dramatic but aberrational change from our record- traditional levels. For established businesses, those
breaking performance in 2000 and in prior years. we have owned for more than five years, operating
Whenever we face challenging economic environ- margins average more than 20 percent. We believe
ments, particularly those that lead to declines in our this margin performance is among the highest in our
base business, we proactively rightsize our units to industry peer group.
ensure they are in line with current customer needs. We
incurred $62 million of nonrecurring operating expense Well Positioned as the Economy Recovers
in 2001 in order to streamline our operations and improve ITW is well positioned to benefit from an improving economy.
our long-term profitability. With an increased focus on The company’s basic tenets—customer focus, 80/20
enhancing business unit productivity, we intensified business planning, value-added product development,
implementation of our 80/20 process, which should decentralized operating structure, and an aggressive
positively impact future earnings. acquisition program—contribute directly to the con-
We believe that as the economy improves, operat- tinued growth and improvement of our businesses
ing revenues will increase and our current businesses during normal economic environments. Other factors
will realize significant margin enhancement. This contributing to our optimistic view of the future
positive outlook is supported by the fact that over include decreasing business unit costs, continuing to
the last three years we have acquired businesses with generate strong cash flows, and maintaining a solid
revenues of approximately $5 billion. Operating ITW balance sheet.
margins declined in 2001 by 250 basis points due to
18. As we enter 2002, several activities will be key to ital and generating free cash. For 2001, while our
driving future company growth: return on invested capital declined due to revenue
• We will continue to grow our base business. Pro- falloff, we generated $1.2 billion in free cash.
16
page
ducing value-added products rather than “me-too” products
helps strengthen our existing customer relationships and Management Strength
increases market share. In addition, ITW businesses The ability to manage a company successfully
will derive benefits in 2002 from ongoing imple- depends solely on people. At ITW, our management
mentation of 80/20 activities, which will drive oper- strength continues to be a key and consistent attribute. As an
ating margin improvements. example, our Executive Vice Presidents, each one
• We will continue to acquire good companies and make charged with the responsibility of managing the per-
them better. Our acquisition strategy, which resulted formance of approximately 75 businesses, collectively
this past year in the addition of 29 businesses to the account for nearly 200 years of combined company
ITW portfolio representing $556 million in full- service or nearly 22 years of average tenure. We are
year revenues, is funded by our strong free operating also proud of the quality of our Board of Directors.
cash flow. During 2001, we were pleased to add our newest
• We will continue to divest assets prudently. In Decem- board member. James Cantalupo comes from
ber 2001, we announced our intention to divest the McDonald’s Corporation, where he serves as President
Consumer Products segment after it became clear to and Vice Chairman, Emeritus. While we welcomed
us that these businesses originally associated with the Jim Cantalupo, we said goodbye to board member
Premark acquisition were contrary to our traditional H. Richard Crowther, who served in that role for
focus on selling to commercial customers. seven years. We will miss the valuable counsel Dick
• We will continue to focus on the fundamentals that provided to the board and the company over the
drive our stock price, such as returns on invested cap- years. We wish him the very best.
19. Strong Future Outlook
The past year has provided a worthy test of a company’s share has grown at a 14 percent rate. As we look back
mettle. Throughout our history, ITW has passed many on our past achievements and focus on our prospects for 17
page
similar tests. Each time, we have demonstrated our long- 2002 and the years ahead, we believe ITW remains a
term strength by consistently recovering from difficult economic superior company and a solid, long-term investment.
periods and producing significant levels of growth and share- Many thanks to our people, customers and sharehold-
holder value. In fact, over the past 25 years, ITW has ers for their contributions to our success.
delivered a compounded annual total return of 18 per-
cent to our shareholders while our diluted earnings per —February 28, 2002
Frank S. Ptak W. James Farrell James M. Ringler
Vice Chairman Chairman and Vice Chairman
Chief Executive Officer
20. Management Team
18
page
W. James Farrell
David B. Speer David T. Flood Philip M. Gresh, Jr. Frank S. Ptak Thomas J. Hansen
Chairman and
Executive Vice Executive Vice Executive Vice Vice Chairman Executive Vice
Chief Executive Officer
President President President President
21. 19
page
Russell M. Flaum Jon C. Kinney James M. Ringler Allan C. Sutherland Hugh J. Zentmyer
Executive Vice Chief Financial Officer Vice Chairman Senior Vice President Executive Vice
President President
22. Business Review
Organizational Structure
ITW is a decentralized company that concentrates sig- We maintain a flat, CEO & Executive Vice Presidents
lean corporate structure
nificant resources on its 600 business units and maintains
20 that concentrates our
page
a flat, lean corporate structure. Our senior management personnel and resources
Group Staff Members
at the business unit level,
team is comprised of a Chief Executive Officer with close to our customers.
oversight of eight Executive Vice Presidents (EVP). Each
EVP supervises two to three group staff members at the
corporate level, and approximately 75 general managers
at the business unit level, and has responsibility for
close to $1.1 billion in revenue. This allocation of
responsibility creates a high level of accountability and
facilitates close oversight of the business. Although the Our business unit Business Unit Managers
managers’ direct and
model has expanded, today’s EVPs operate within the long-term relationships
same personnel-to-revenue ratio as those of 20 years ago. with customers allow
them unmatched insight
This time-tested formula continues to prove its merit. into customer needs.
ITW business unit managers, whose proximity to
customers enables them to determine unfulfilled
product and process needs, generate a majority of the Customers
company’s new product ideas. As a result, they are
given the authority to make decisions quickly. This
increases speed to market for new and enhanced prod-
ucts, and ensures that our businesses remain ahead of
the competition.
23. Acquisition Program is that the acquisition add value, leading to improved
Acquisitions are critical to ITW’s ongoing growth and products and service for our customers. A prototypical
profitability. Since 1994, we have completed 20 to 45 ITW acquisition candidate is an undervalued, privately 21
page
acquisitions per year. In the past three years, more than held company with demonstrated technology and rec-
$5 billion of ITW revenue—which is being groomed ognizable brand names. Strong brand names also are
for growth—was generated by acquisitions. Acquired important company-wide, as 70 percent of our more
companies are expected to double their operating mar- than $9 billion in revenue originates from products
gins, which initially average 9 percent margins, over a where we have leading market positions.
five-year period. Our three-year average operating mar- In 1999, ITW acquired Premark International, a
gin of 15.5 percent is near the top of our peer group. manufacturer with two distinct businesses: commercial
To strengthen our position in current markets or to food equipment for restaurants and supermarkets, and
create opportunities in new ones, ITW focuses on two laminate products for construction applications. To
types of acquisitions. Bottom-up acquisitions, the most help improve these businesses, we began concentrating
common variety, are identified by business unit managers on a core group of units that represented 86 percent of
in response to a customer need or market opportunity. total Premark revenues. In 2000, the first year of the
Top-down acquisitions, much larger in scope, are gener- acquisition, we moved operating margins from 9 percent
ated occasionally by senior managers to add or diversify to 11 percent. In 2001, even with a weak top line
end markets. In 2001, we completed 29 acquisitions caused by adverse end market conditions, operating
representing $556 million of acquired revenues and all margins improved to 12 percent. In addition, if 2001
acquisitions were generated by our business units. revenues had remained flat to prior year levels, Premark
Our highly successful track record of new company margins would have approached 14 percent last year.
integration is the result of strict acquisition guidelines Premark remains on track to reach its targeted operat-
and a thorough evaluation process. The main criterion ing margin of 18 percent at year-end 2004.
24. 80/20 Operating Strategy
Our 80/20 process originated in the early 1980s, during
a period of economic transformation from inflation-
22
page
related growth to growth through market penetration.
As our businesses reexamined their operations in order
to remain competitive, the idea of structuring a business
to concentrate on its most profitable pieces emerged.
The 80/20 process focuses a business’ resources on
the 20 percent of its customers who represent 80
percent of the revenues. This process is really about
80
simplifying and focusing on key parts of the business. 80% of sales are derived from 20% of customers
We believe simplicity focuses action, while complex-
20
ity often blurs what is important. At the end of the
day, applying the 80/20 process increases customer
satisfaction through improvements in product devel-
opment and delivery. It also reduces inventory,
increases market penetration and strengthens ITW’s
industry reputation. We continuously apply this
highly effective process to all aspects of our opera-
tions, and consider it to be a core company discipline.
25. Balanced Portfolio Maintaining a well-balanced revenue mix helps
Over the past 10 years, ITW has improved diversifica- ITW soften cyclical market swings. Thanks to our acqui-
tion in key end markets. In the construction market, sition activities, we continue to take steps to diversify 23
page
which represents 24 percent of our revenues, we have our customers and end markets.
become balanced—both in terms of end markets and Diversified End Markets
geographies. For example, the new housing, commer-
Construction General Industrial
cial and remodeling/rehab segments today each Automotive Food & Beverage
account for roughly one-third of construction revenues. Consumer Durable
Food Retail & Service
That is a dramatic shift from 10 years ago when remodel- Other
ing/rehab accounted for only 1 percent of construction
revenues. The geographic mix also has improved in
2001 Revenues
construction revenues. Ten years ago, international
24%
construction revenues were heavily weighted toward
Europe. Today, nearly half of our international construc-
tion revenues come from Australia and Latin America.
16%
In the automotive market, the company’s geo-
21%
graphic presence continues to show better balance.
Currently, of the company’s total 16 percent of auto-
motive revenues, 10 percent originates from North 15%
4%
America and 6 percent from Europe. In 1990, Europe 6%
accounted for a much smaller percentage contribution. 14%