Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Illinois Tool Works Inc.    ITW

Delayed Quote. Delayed  - 10/28 05:47:11 pm
114.395 USD   +0.95%
05:06p ITW Board of Directors Declares Quarterly Dividend
10/25 ITW to Present at Upcoming Investor Events
10/24 ILLINOIS TOOL W : ITW Reports Record Third Quarter 2016 Financial Re..
News SummaryMost relevantAll newsSector news 

Illinois Tool Works Inc. : Illinois Tool Works CEO Speer Dies; Board Promotes Acting CEO

share with twitter share with LinkedIn share with facebook
share via e-mail
11/18/2012 | 11:22pm CEST

By Bob Tita

(Updates with additional details on Mr. Speer's illness in the third paragraph.)

Illinois Tool Works Inc. (ITW) Chairman and Chief Executive David Speer died Saturday, a month after taking a medical leave from the diversified industrial company that he had led since 2005.

The company's board announced Sunday that E. Scott Santi will replace Mr. Speer as CEO and Director Robert Morrison will serve as chairman. Their appointments take effect immediately. Messrs. Santi and Morrison were named acting chief executive and acting chairman in October when Mr. Speer revealed that he would take a medical leave of absence from the company.

The Glenview, Ill., company did not release a cause of death for Mr. Speer, 61 years old. But he had been undergoing treatment for an undisclosed illness for the past year. Mr. Speer's son told the Chicago Sun-Times on Sunday that his father had been suffering from a form of terminal cancer.

Mr. Speer had avoided taking a formal leave from the company until October when the company said he decided to "fully focus on his health."

"David's remarkable leadership will have a lasting impact on our company, " Mr. Santi said in a written statement. "I was privileged to have David as my colleague and mentor for over 30 years and I will miss him very much."

Mr. Speer was hired by ITW in 1978 for a sales position in the company's construction products group. He cycled through several sales and management positions before replacing retiring CEO James Farrell in 2005. The following year, the board elected Mr. Speer as chairman.

ITW operates about 800 companies focused on industrial sectors that include auto parts, commercial food equipment, construction materials, industrial packaging and welding gear. In the years just prior to the 2008 economic recession, Mr. Speer presided over an aggressive acquisition program under which ITW averaged about $1 billion a year in additional revenue from acquisitions of dozens of mostly small companies.

But the acquisitions came to a near-standstill in 2009, exposing the anemic sales growth from the businesses that ITW already owned. In his final year with the company, Mr. Speer abandoned a decade-old goal of increasing the company's collection of businesses to more than 1,000.

ITW instead has been trying to accelerate lackluster revenue growth by focusing on fewer, larger acquisitions, particularly in faster-growing markets overseas. The company also has been selling slow-growing businesses, divesting a majority stake in its laminates business in August to private-equity firm

Clayton, Dubilier & Rice LLC for about $1 billion and selling its paint finishings business to Graco Inc. in April for $650 million.

Mr. Santi, who has been a frequent fill-in for Mr. Speer at investor conferences and other events over the past year, is expected to continue the transformation of ITW's business portfolio.

Mr. Santi, 51 years old, joined ITW in 1983. He was appointed executive vice president in 2004 in charge of the company's welding equipment business, and in 2008 was named vice chairman. Mr. Morrison, 70 years old, has been an ITW director since 2003. He is a former vice chairman of PepsiCo. and was chairman and CEO of Quaker Oats Co. prior to its merger with Pepsi.

Write to Bob Tita at robert.tita@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
05:06p ITW Board of Directors Declares Quarterly Dividend
12:03p ILLINOIS TOOL WORKS : Management's Discussion and Analysis of Financial Conditio..
10/25 ITW to Present at Upcoming Investor Events
10/25 ILLINOIS TOOL WORKS : Federal Contracts Awarded to Companies in Minnesota (Oct. ..
10/25 ILLINOIS TOOL WORKS : MILITARY $91,826 Federal Contract Awarded to Illinois Tool..
10/24 ILLINOIS TOOL WORKS : ITW Reports Record Third Quarter 2016 Financial Results
10/21 ILLINOIS TOOL WORKS : U.S. Patents Awarded to Inventors in Wisconsin (Oct. 21)
10/21 CORRECTION : Earns-Illinois Tool Works story
10/21 MARINE SEALANTS MARKET SIZE : Industry Analysis Report, Regional Outlook, Applic..
10/20 ILLINOIS TOOL WORKS INC : Results of Operations and Financial Condition, Financi..
More news
Sector news : Industrial Conglomerates
04:16pDJU.S. Stocks Mixed as GDP Grows 2.9%
03:36pDJU.S. HOT STOCKS : Hot Stocks to Watch
04:32aDJGENERAL ELECTRIC : Pursues Deal With Baker Hughes -- Update
10/27DJGeneral Electric in Talks to Buy Baker Hughes
10/27DJLAZARD : Revenue Rises as Assets Under Management Climb -- Update
More sector news : Industrial Conglomerates
News from SeekingAlpha
11:09a Illinois Tool Works declares $0.65 dividend
10/24 Game Plan For The Week - Cramer's Mad Money (10/21/16)
10/23 ILLINOIS TOOL WORKS : Reaction To Q3 Earnings Is Reasonable
10/20 Illinois Tool Works' good news isn't good enough for investors; shares -2%
Financials ($)
Sales 2016 13 614 M
EBIT 2016 3 066 M
Net income 2016 2 012 M
Debt 2016 4 793 M
Yield 2016 2,03%
P/E ratio 2016 20,13
P/E ratio 2017 18,49
EV / Sales 2016 3,31x
EV / Sales 2017 3,19x
Capitalization 40 224 M
More Financials
Duration : Period :
Illinois Tool Works Inc. Technical Analysis Chart | ITW | US4523081093 | 4-Traders
Full-screen chart
Technical analysis trends ILLINOIS TOOL WOR...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 120 $
Spread / Average Target 6,0%
Consensus details
EPS Revisions
More Estimates Revisions
Ernest Scott Santi Chairman & Chief Executive Officer
Michael M. Larsen Chief Financial Officer & Senior Vice President
Susan M. Crown Independent Director
Robert S. Morrison Lead Independent Director
James A. Skinner Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
3M CO10.04%100 185
SIEMENS AG15.99%96 609
E I DU PONT DE NEMOURS..4.86%60 715
More Results