ITW Board of Directors Approves Dividend Rate Increase

GLENVIEW, Ill., Aug. 05, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Illinois Tool Works Inc. (NYSE: ITW) authorized a seven percent increase to the dividend payout to shareholders, representing a quarterly increase of $0.09 per share – or $0.36 per share annually – versus the current dividend rate. The Board also declared a dividend on the company's common stock of $1.31 per share for the third quarter of 2022. The dividend equates to $5.24 per share on a full-year basis. The dividend will be paid on October 14, 2022 to shareholders of record as of September 30, 2022.

About Illinois Tool Works
ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.5 billion in 2021. 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’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com

Media Contact	Investor Relations
Tel: 224.661.7451	Karen Fletcher
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	investorrelations@itw.com