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ITW Board of Directors Approves 28 Percent Dividend Increase

GLENVIEW, Ill., Aug. 03, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Illinois Tool Works Inc. (ITW) authorized a 28 percent increase in the dividend payout to shareholders, representing a quarterly increase of $0.22 per share – or $0.88 per share annually – versus the current dividend rate. The Board declared a dividend on the company's common stock of $1.00 per share for the third quarter of 2018. The dividend equates to $4.00 per share on a full-year basis. The dividend will be paid on October 9, 2018 to shareholders of record as of September 28, 2018.

The Board also approved a new share repurchase program that authorizes management to buy back up to $3 billion of the company’s common stock over an open-ended period of time.  The full authorization represents approximately 22 million shares based on ITW’s closing share price on August 2, 2018.

The company’s existing share repurchase authorization of $6 billion was announced in February 2015 and has approximately $1.4 billion remaining in that program as of June 30, 2018.

About Illinois Tool Works

ITW (ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.3 billion in 2017. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW has approximately 50,000 dedicated colleagues in operations around the world who thrive in the company’s unique, decentralized and entrepreneurial culture.

www.itw.com

Media Contact
Illinois Tool Works
Trisha Knych
Tel: 224.661.7566
mediarelations@itw.com