Illinois Tool Works Inc., Glenview, IL, sales in the first quarter of 2009 were $2.9 billion, a decline of 24% from the first quarter of 2008. The manufacturer recorded a loss of $39 million for the period.
Due to further weakening in first quarter worldwide end markets, base revenues declined 23.3% versus the year ago period, with North America decreasing 26.7% and international falling 19.5%. Currency translation negatively impacted revenues 7.3% and acquisitions contributed 6.6% in the quarter.
"The 2009 first quarter represented historic challenges for our company as end markets continued to weaken in North America, Europe and Asia-Pacific," CEO David B. Speer said. "As a result, we continued to take aggressive restructuring actions that we …
ITW Records $39M Loss in 1Q
Illinois Tool Works Inc., Glenview, IL, sales in the first quarter of 2009 were $2.9 billion, a decline of 24% from the first quarter of 2008. The manufacturer recorded a loss of $39 million for the period.
Due to further weakening in first quarter worldwide end markets, base revenues declined 23.3% versus the year ago period, with North America decreasing 26.7% and international falling 19.5%. Currency translation negatively impacted revenues 7.3% and acquisitions contributed 6.6% in the quarter.
"The 2009 first quarter represented historic challenges for our company as end markets continued to weaken in North America, Europe and Asia-Pacific," CEO David B. Speer said. "As a result, we continued to take aggressive restructuring actions that we …
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