Illinois Tool Works (ITW) 8-K Company’s Free Operating Cash Flow Totals $516 Million in the Quarter

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ITW Conference Call

Third Quarter

2009

Exhibit 99.2

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ITW
Agenda

1.Introduction…………………...….. John Brooklier/David Speer

2.Financial Overview…………..….. Ron Kropp

3.Reporting Segments………....…. John Brooklier

4.2009 Fourth Quarter Forecast…… Ron Kropp

5.Q & A………………......……...…... John Brooklier/Ron Kropp/David Speer

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ITW
Forward - - Looking Statements

This conference call contains forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995 including, without limitation, statements regarding
operating performance, revenue growth, diluted income per
share from continuing operations, restructuring expenses and
related benefits, tax rates, end market conditions, and the
Company’s related forecasts.These statements are subject
to certain risks, uncertainties, and other factors which could
cause actual results to differ materially from those
anticipated.Important risks that could cause actual results to
differ materially from the Company’s expectations are detailed
in ITW’s Form 10-K, as updated by our Current Report on
Form 8-K filed August 7, 2009, for 2008.

4

Conference Call Playback

Replay number: 203-369-1074

No pass code necessary

Telephone replay available through midnight of
November 3, 2009

Webcast / PowerPoint replay available at
itw.com website

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ITW
Quarterly Highlights

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ITW
Quarterly Operating Analysis

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ITW
Non Operating & Taxes

8

ITW
Invested Capital

ITW
Debt & Equity

10

ITW
Cash Flow

11

ITW
Acquisitions

Industrial Packaging
Quarterly Analysis

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Industrial Packaging
Key Points

•Total segment base revenues show modest signs of
improvement: - -23.3% for Q3 ’09 vs. -26.1% for Q2 ’09 as
industrial production metrics became less negative

•Total North American industrial packaging business:
-27.0% in Q3 ’09 vs. -31.9% in Q2 ’09

–End markets associated with residential construction
(lumber) and primary metals show modest
improvement as year progresses

•Total international industrial packaging business: -25.0%
in Q3 ’09 vs. -27.3% in Q2 ’09

Power Systems and Electronics
Quarterly Analysis

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Power Systems and Electronics
Key Points

•Total segment base revenues appear to have bottomed:
-34.2% in Q3 ’09 vs. -36.5% in Q2 ’09

•In Q3, Welding’s worldwide base revenues: -36.2%

–Q3 North America base revenues:-40.0%

–Q3 International base revenues:-26.7%

•PC board base revenues improved in the quarter:
-42.3% in Q3 ’09 vs. -59.2% in Q2 ’09

Transportation
Quarterly Analysis

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Transportation
Key Points

•Total segment base revenues (-7.9% in Q3 ’09 vs. -23.7% in Q2 ’09)
improved quarter to quarter as auto builds ramped up

•Auto OEM/Tiers:

–North American Auto Q3 base revenues: -14.3% vs. -39.5% in
Q2 ’09

•North American auto builds increase to 2.4 million units in Q3 ’09
vs. 1.8 million units in Q2 ’09 due to “cash for clunkers”

–International Auto Q3 base revenues: -4.7% in Q3 ’09 vs. -22.5%
in Q2 ’09

•European Q3 builds: at 3.9 million units in Q3 ‘09 vs. 4.0 million
units in Q2 ’09

•Auto aftermarket Q3 worldwide base revenues: -4.5% vs. -12.7% in
Q2 ’09

Food Equipment
Quarterly Analysis

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Food Equipment
Key Points

•Total segment base revenues: -6.3% in Q3 ’09 vs.
-8.5% in Q2 ’09; best performing segment
throughout 2009

•Service revenues: flat in Q3 ’09 vs. -1.1% in Q2 ’09

•International Q3 base revenues: -4.9% in Q3 ’09 vs.
-10.2% in Q2 ‘09

•North America Q3 base revenues: -8.0% vs. -8.4%
in Q2 ’09 as customers continue to delay
equipment purchases

Construction Products
Quarterly Analysis

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Construction Products
Key Points

•Total segment base revenues: -16.5% in Q3 ’09 vs. -22.1% in Q2 ’09

•North America Q3 base revenues: -27.3% vs. -34.0% in Q2 ‘09

–Q3 Residential: -30.4% base revenues vs. -43.2% in Q2 ’09; new
housing starts continue to improve to near 600,000 units

–Q3 Commercial Construction base revenues: -27.0% vs. -32.7%
in Q2 ‘09

–Q3 Renovation: -20.5% vs. -19.6% in Q2 ‘09

•International Q3 base revenues: -13.2% vs. -20.2% in Q2 ‘09

–Q3 Europe: base revenues -22.0% vs. -30.2% in Q2 ‘09

–Q3 Asia-Pacific: base revenues flat vs. -2.5% in Q2 ‘09

Polymers and Fluids
Quarterly Analysis

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Polymers and Fluids
Key Points

•Total segment base revenues: -13.9% in Q3 ’09 vs. -15.1% in Q2 ’09 as
industrial production /MRO demand modestly improves

•Worldwide Fluids: -11.9% in Q3 ’09 vs. -15.9% in Q2 ’09

–Both North America and International show improvement vs. Q2 ’09

•Worldwide Polymers: -16.8% in Q3 ’09 vs. -17.4% in Q2 ‘09

–Both North American and International polymers business facing
weak end market demand

Decorative Surfaces
Quarterly Analysis

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Decorative Surfaces
Key Points

•Total segment base revenues: -15.6% in Q3 ’09 vs.
-16.0% in Q2 ’09

•North America laminate Q3 base revenues: -20.6%
in Q3 ’09 vs. -20.0% in Q2 ’09

–Weak commercial construction environment
puts pressure on demand for high pressure
laminate

•International Q3 base revenues: -10.7% vs. -11.6%
in Q2 ’09

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All Other
Quarterly Analysis

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All Other
Key Points

•Total segment base revenues: -18.9% in Q3 ’09 vs. -20.0%
in Q2 ’09

–Q3 worldwide consumer packaging base revenues:
-11.7% in Q3 vs. -12.9% in Q2 ’09; Hi-Cone and Zip-Pak
units had strong revenue performance in the quarter

–Q3 industrial/appliance base revenues: -21.8% Q3 ’09
vs. - -26.9% in Q2; modest housing rebound provides
some relief

–Q3 worldwide test and measurement base revenues:
-21.8% vs. -15.3% in Q2 ’09; weak “cap ex” spending
in North America, Europe and Asia slowing sales

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ITW
4th Quarter 2009 Forecast

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ITW 4th Quarter 2009 Forecast
Key Assumptions

•Exchange rates hold at current levels

•Restructuring costs of $25 to $40 million
(versus $31 million in 3rd quarter 2009)

•Net nonoperating expense, including interest
expense and other nonoperating income, of
$35 to $45 million (versus $35 million in 3rd
quarter 2009)

•Tax rate range of 29.25% to 29.75% for the 4th
quarter (versus effective tax rate of 32.5% in
3rd quarter 2009)

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ITW Conference Call
Q & A

Third Quarter

2009