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Illinois Tool Works Management Discusses Q2 2012 Results - Earnings Call Transcript

This presentation contains our financial forecast for the 2012 third quarter and full year, as well as other forward-looking statements identified on this slide. We refer you to the company's 10-K for 2011 for more detail about important risks that could cause actual results to differ materially from the company's expectations.

Moving to next slide. Let me remind everybody that our telephone replay for this conference call is (888) 566-0396. The playback number will be available through midnight of August 7. Now let me turn the call over to David, who has some brief introductory comments. David?

David B. Speer

Thank you, John. Before I comment on our strong second quarter results, let me update you on our 3 long-term initiatives that we introduced to you all last quarter. To remind you, our 3 key areas of focus going forward are: business structure simplification, strategic sourcing and portfolio management.

We continue to make good progress in all 3 categories. For business simplification, we've been actively developing and communicating our plans to key internal and external constituents. Internally, a host of businesses have been reviewed and are in the midst of announcing organizational changes to support our larger revenue base businesses, consolidated organizational structure where appropriate and focused on similar customers and end markets, while maintaining the intimate customer market interfaces critical to our innovation initiatives and business agility.

In strategic sourcing, we have made key decisions regarding the sourcing approach in organization, as well as identified the first and second phase of direct and indirect sourcing activities. As to portfolio management, part of our strategic planning process is the identification of noncore businesses that no longer fit our long-range plans, a number of which could likely be divested in the future as we have done been recently with the finishing businesses and 2 consumer packaging businesses. We will continue to develop and implement these plans as we move forward. As promised, we intend to provide some enterprise-wide data by December that will begin to quantify the financial impact of these initiatives over the next several years.

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