Illinois Tool Works (NYSE:ITW) started out all the way back in 1902, when a financier named Byron Smith placed an ad in the Economist. Smith was looking for a "high class business (manufacturing preferred) in or near Chicago."
A group of inventors approached Smith with an idea to improve gear grinding, and Illinois Tool Works was born.
Today, Illinois Tool Works operates in 57 countries around the world. It has more than 48,000 employees.
Illinois Tool Works is a 1 of only 50 businesses on the Dividend Aristocrats List. It has increased its dividend for 53 years in a row, including a hefty 18% dividend hike in 2016.
In fact, Illinois Tool Works qualifies to be a Dividend Aristocrat twice over (Dividend Aristocrats must have 25+ years of consecutive dividend increases). The company is also a member of the even more exclusive Dividend Kings List - which is comprised of just 18 businesses with 50+ years of consecutive dividend increases.
Keep reading this article to learn more about the investment prospects of industrial sector dividend growth stock Illinois Tool Works.