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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 Fortune 200 diversified manufacturing company with more than 90 years of history, ITW 's 625 decentralized business units in 44 countries employ nearly 47,500 men and women who are focused on creating value-added products and innovative customer solutions.
Founded in 1912, ITW 's recipe for success has been consistent: value added products and outstanding service win the day with customers. We place a premium on the development of highly engineered products and systems–most of which are developed in tandem with our customers. We continue to ensure that our customers receive timely, cost-effective service for the innovative products we provide.
Many of our best product innovations come from simple observation coupled with a keen understanding of our customers' needs. Most companies 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, our product design engineers develop value-added, proprietary products. Our unique approach begins at our customers’ plants or worksites. By working closely with our customers and applying our 80/20 philosophy, we determine how an ITW product or process could provide a better solution.
The birth of ITW 's 80/20 process dates back to the early 1980s when a handful of our businesses sought ways to improve manufacturing practices so they could stay competitive in a changing economy. Today, after more than 20 years of expansion and refinement, ITW has assembled a comprehensive 80/20 body of knowledge which touches all parts of our businesses.
This process is really about simplifying and focusing on the key parts of your business. Simplicity focuses action, while complexity often blurs what is important. In the process of simplification, we view all aspects of the business on an 80/20 basis. This includes finding ways to simplify our product lines, customer and supply base, and business processes and systems. In the end, 80/20 improves quality, productivity, delivery, innovation, market penetration, and ultimately, customer satisfaction.