ITW Reports 9 Percent Growth in Operating Revenues for Three Months Ended November 30, 2003; Base Business Revenues Remain at Minus 1 Percent for Three Month Period

Company Increases Earnings Range For 2003 Fourth Quarter and Full Year

GLENVIEW, Ill., Dec. 15 -- Illinois Tool Works Inc. today reported an operating revenue increase of 9 percent for the three months ended November 30, 2003. Operating revenues for the three month period consisted of 5 percent growth from acquisitions and a 5 percent contribution from currency translation. Leasing and Investments as well as intercompany revenues were essentially flat in the period. The above growth in the three month period was offset by a 1 percent decline in base business revenues. The Company's base revenue performance continued to reflect uneven end market activity both in North America and internationally.

On a manufacturing segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base business and acquisitions, is provided below.

  (% change for 3 months ended November  2003 versus prior year period)
                                           November
  *Engineered Products/North America:       +  1%
  *Engineered Products/International:       +  3%
  *Specialty Systems/North America:         +  7%
  *Specialty Systems/International:         +  7%

Based on two months of actual results in the 2003 fourth quarter, the Company is now forecasting a range of 89 cents to 93 cents for income per diluted share from continuing operations. This new range incorporates an anticipated modest improvement in base business performance as well as a lower income tax rate which is expected to add 5 cents of earnings in the fourth quarter. For full-year 2003, the Company is forecasting income per diluted share from continuing operations to be in the range of $3.33 to $3.37.

The statements regarding the Company's 2003 earnings estimates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's fourth quarter and full year forecasts. These statements are subject to certain risks, uncertainties, and other factors, which could cause actual results to differ materially for those anticipated. Important factors that could cause actual results to differ materially from the Company's expectations are set forth in ITW's 2003 third quarter Form 10-Q and ITW's Form 10-K/A for full-year 2002.

ITW is a $9.5 billion diversified manufacturer of highly engineered components and industrial systems. The company consists of approximately 600 decentralized operations in 44 countries and employs 48,700 people.