GLENVIEW, Ill., Aug. 8, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Illinois Tool Works Inc. (NYSE:ITW) today declared a dividend on the company's common stock of $0.485 per share for the third quarter of 2014, a 15 percent increase over the quarterly dividend paid in 2013. The dividend equates to $1.94 per share on a full-year basis. The dividend will be paid on October 7, 2014 to shareholders of record as of September 30, 2014. The company has raised the dividend to its shareholders without interruption for more than 50 years.
"Underpinning our enterprise strategy is a highly disciplined approach to capital allocation," said E. Scott Santi, ITW president and CEO. "Our confidence in the future of ITW and our commitment to creating sustainable value for our shareholders is reinforced by our focus on returning significant cash to shareholders in the form of an attractive dividend yield and an active share repurchase program."
ITW is a Fortune 200 global diversified industrial manufacturer of value added consumables and specialty equipment with related service businesses. The company focuses on solid growth, improving profitability, and strong returns across its worldwide platforms and businesses. These businesses serve local customers and markets around the globe, with a significant presence in developed as well as emerging markets. ITW's revenues totaled $14.1 billion in 2013.