Illinois Tool Works Inc. or ITW is an American Fortune 500 company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. It was founded in 1912 by Byron L. Smith.Today, it employs nearly 65,000 people in hundreds of businesses across 58 countries, and is based in Glenview, Illinois, a suburb of Chicago, Illinois.In 2011, ITW had more than 20,000 unexpired patents and pending patent applications worldwide, including 2,900 U.S.