James Farrell, who ceded the CEO job at Illinois Tool Works Inc. to David Speer in the summer of 2005, stepped down as chairman of the diversified manufacturing concern on Friday.
During his decade-long tenure as CEO, Farrell, who worked 41 years at the company, focused on a strategy of growth through acquisition, preferring small and midsize companies over major businesses.
Under Farrell ITW bought more than 300 firms and paid more than $5.4 billion in building the company into a $29.74 billion behemoth.
Despite some slim years ITW has lassoed anywhere from 20 to 50 new companies annually.
Here is a breakdown of deals over the past several years:
In 2005: 22 deals worth $627 million
2004: 24 deals worth $588 million
2003: 28 deals worth $204 million
2002: 21 deals worth $188 million
2001: 29 deals worth $566 million
2000: 45 deals worth $799 million
1999: 31 deals worth $806 million
1998: 46 deals worth $752 million
1997: 30 deals worth $921 million