ITW Reports 1 Percent Decline in Operating Revenues For Three Months

    GLENVIEW, Ill., May 16 Illinois Tool Works Inc.
today reported a 1 percent decline in total company operating
revenues for the three months ended April 30, 2001. The drop in revenues
consisted of 8 percent growth from acquisitions, offset by a 6 percent decline
from base businesses and a 3 percent decrease due to the impact of currency
translation. The revenue decline for the three-month period was directly
attributable to continued slowing in a wide variety of the company's North
American end markets, including automotive, general industrial and
construction.

    On a manufacturing segment basis, revenues were as follows:
   (% change for 3 months ended April 30, 2001 versus prior year period)

     * Engineered Products/North America:  -8%
     * Engineered Products/International:  +20%
     * Specialty Systems/North America:  +2%
     * Specialty Systems/International:  +15%
     * Consumer Products: -14%

    The Company continues to forecast that diluted earnings per share is
expected to be in the range of 76 cents to 82 cents for the 2001 second
quarter and $3.00 to $3.20 for full year 2001.