Inside these posts: David Speer

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Illinois Tool Works to double acquisitions in 2011

Illinois Tool Works Inc. expects business acquisitions in 2011 to bring the company $800 million to $1 billion a year in additional revenue, nearly double the amount from 2010.

Chairman and Chief Executive David Speer said the company’s pipeline of potential acquisitions steadily improved throughout 2010, allowing the company to step up its acquisition goal for 2011. Last year, the company bought 24 companies with combined annual revenues of $530 million. Prior to 2009, ITW had been averaging $1 billion a year in acquired revenue. But the economic recession soured the market for acquisitions. Get the full story »

Illinois Tool Works CEO sees compensation fall

By Wailin Wong | The total compensation of Illinois Tool Works Inc. Chief Executive David
Speer fell slightly in 2009 from the previous year, as decreased
revenues forced the Glenview-based company to cut costs.

According to a proxy statement filed with the U.S. Securities and
Exchange Commission, Speer’s compensation totaled $10.5 million in 2009,
compared with $12.7 million in 2008. ITW froze base salaries for
executive officers last year, one of several measures taken in response
to the economic downturn. The company said revenues dropped 19 percent
on the year.

Get the full story »