Illinois Tool Works ITW and Lincoln Electric Holdings

Illinois Tool Works (ITW) and Lincoln Electric Holdings, Inc. (LECO) comparison for Management: Buy ITW or LECO? Group Project by Sarah Finnell, Laura Hill, Linda Karr, & Kady Lawler Presentation 12/11/2017 at Madison College Cost Management course

Linda Karr. ROIC and Operating Margin % for ITW v. LECO Operating Margin (from 2016 Annual Reports) Return on Invested Capital (ROIC from 2016 Annual Reports) 25. 00% 22. 10% 22. 50% 20. 00% 16. 60% 15. 00% 10. 00% 5. 00% 0. 00% 14. 20% 15. 00% ITW LECO 0. 00% ITW LECO

Lincoln Electric Holdings, Inc. (LECO) Illinois Tool Works Inc. (ITW) IIncome Statement All numbers in thousands Revenue Total Revenue 12/31/2016 12/31/2015 12/31/2014 U or F 0. 94 0. 93 1. 00 Income Statement All numbers in thousands Revenue Total Revenue Cost of Revenue 0. 91 1. 00 Cost of Revenue Gross Profit 0. 98 0. 95 1. 00 Others Operating Income or Loss 0. 90 1. 00 0. 00 0. 91 0. 00 0. 95 0. 00 1. 00 1. 06 0. 99 1. 00 Total Other Income/Expenses Net 1. 33 1. 28 1. 00 F 1. 07 1. 00 Interest Expense Income Tax Expense Minority Interest 12/31/2014 U or F 0. 81 0. 90 1. 00 0. 80 0. 91 1. 00 0. 83 0. 89 1. 00 0. 86 1. 17 1. 00 F, U LECO had an increase in Administrative Expenses in 2015. Others Operating Income or Loss 0. 00 0. 66 0. 00 1. 00 0. 00 0. 77 0. 49 1. 00 LECO incurred a large $29 M other expense in 2016 Earnings Before Interest and Taxes -4. 10 0. 97 1. 00 U 0. 77 0. 50 1. 00 1. 83 2. 09 1. 00 U Interest expense has gone up for LECO in the last two years Interest Expense 0. 95 0. 90 1. 00 1. 08 1. 01 1. 00 Income Before Tax 1. 08 1. 01 1. 00 Income Tax Expense 1. 00 0. 80 1. 00 Minority Interest Net Income From Continuing Ops 1. 08 1. 00 Discontinued Operations 0. 00 Net Income Non Recurring Total Other ITW obtained significant $ 81 M Income/Expenses Net other income in 2016. Earnings Before Interest and Taxes Income Before Tax 12/31/2015 Selling General and Administrative Non Recurring 12/31/2016 0. 69 0. 00 0. 64 1. 00 F, U ITW has not discontinued operations in the last 2 years, but did in 2014. Net Income Applicable To Common Shares 0. 69 0. 64 1. 00 Net Income From Continuing Ops 0. 74 0. 45 1. 00 0. 65 0. 35 1. 00 0. 23 0. 27 1. 00 0. 77 0. 50 1. 00 0. 78 0. 50 1. 00 Discontinued Operations Net Income Applicable To Common Shares

ITW Balance Sheet All numbers in thousands Period Ending 12/31/2016 12/31/2015 12/31/2014 F or U Cash And Cash Equivalents 0. 62 0. 77 1. 00 U Net Receivables Inventory Other Current Assets 1. 03 0. 91 0. 54 0. 96 0. 92 0. 85 1. 00 U F U Total Current Assets 0. 78 0. 85 1. 00 U Long Term Investments 0. 00 Property Plant and Equipment 0. 98 0. 94 1. 00 U Goodwill 0. 98 0. 95 1. 00 U Intangible Assets Other Assets Deferred Long Term Asset Charges Total Assets 0. 81 0. 86 1. 33 0. 87 0. 98 1. 02 0. 90 1. 00 U U F U Cash was down 38% Net receivables was up 3% Inventory was down 9% Other current assets was down 46% Total current assets were down 22% PPE was down 2% Goodwill was down only 2% Intangible assets was down 19% Other assets was down 14% Def. LT Assets Charges was up 33% Total Assets was down 13% LECO Balance Sheet All numbers in thousands Period Ending 12/31/2016 12/31/2015 12/31/2014 F or U Cash And Cash Equivalents 1. 36 1. 09 1. 00 F Net Receivables 0. 79 0. 76 1. 00 F Inventory 0. 75 0. 81 1. 00 F Other Current Assets 1. 04 0. 70 1. 00 F Total Current Assets 0. 95 0. 85 1. 00 U Long Term Investments 0. 00 1. 00 U Property Plant and Equipment 0. 85 0. 94 1. 00 U Goodwill 1. 29 1. 04 1. 00 F Intangible Assets 0. 98 0. 91 1. 00 U Other Assets 5. 25 4. 01 1. 00 F Deferred Long Term Asset Charges 2. 87 2. 95 1. 00 F Cash was up 36% Net receivables was down 21% Inventory was down 25% Other current assets was up 4% Total current assets were down only 5% LT investments went down 100% PPE was down 15% Goodwill was up 29% Intangible assets was down only 2% Other assets was up 525% Def. LT Asset Charges was up 287% Total Assets 1. 00 0. 92 1. 00

Accounts Payable 1. 03 0. 90 1. 00 F Short/Current Long Term Debt 0. 44 0. 36 1. 00 F Other Current Liabilities 0. 00 Total Current Liabilities Long Term Debt Other Liabilities 0. 78 1. 21 0. 87 0. 67 1. 16 0. 98 1. 00 F U F AP was up 3% Retained Earnings 1. 07 1. 02 1. 00 F Treasury Stock 1. 93 1. 51 1. 00 U Capital Surplus 1. 20 1. 05 1. 00 U Other Stockholder Equity 1. 14 1. 03 1. 00 F Total Stockholder Equity 0. 55 0. 73 1. 00 U Retained earnings was up 7% Treasury stock was up 93% Capital Surplus was up 20% Other stockholder equity was up 14% Total Stockholder Equity was down 44% U 12 12 4 Net tangible assets was down 64% 43% 14% 1. 00 U Other liabilities was down 13% 1. 07 1. 00 F U 8 16 4 1. 00 140. 81 1. 14 1. 00 total F total U no change 1. 00 282. 84 Retained Earnings -2. 20 1. 00 Long Term Debt -5. 01 Common Stock F 1. 00 Net Tangible Assets U 1. 00 0. 75 1. 00 1. 30 0. 79 LT debt was up 21% Common Stock 0. 77 1. 89 Total Current Liabilities Total Current Liabs. was down 22% U 0. 62 Total Liabilities Total liabilities was up 89% U 1. 00 Total Stockholder Equity 1. 00 0. 99 F 0. 00 6. 42 1. 03 1. 00 0. 00 5. 76 Total Liabilities 2. 29 0. 00 Other Current Liabilities 2. 75 Minority Interest Other Stockholder Equity F 1. 00 U 1. 00 0. 80 1. 00 0. 06 1. 00 1. 04 0. 00 0. 03 Minority Interest 1. 08 0. 00 Short/Current Long Term Debt U Capital Surplus Deferred Long Term Liability Charges ST Debt was down 66% 1. 00 U F U 1. 50 1. 00 0. 78 1. 18 0. 72 0. 63 Deferred Long Term Liability Charges 1. 36 0. 83 0. 71 Def. LT Liab. Charges was down 22% Treasury Stock Other Liabilities AP was down 29% ST Debt was down 97% Other current liabiities were up 576% Total Current Liabs. Was down 21% LT Debt was up 282% Other liabilities was down 17% Accounts Payable Total liabilities was up 3% Retained earnings was up 14% Treasury stock was up 36% Capital Surplus was up 8% Other stockholder equity was up 275% Total stockholder equity was down 38% Net tangible assets was down 500% 29% 57% 14% Net Tangible Assets 0. 36 0. 64 1. 00 total F total U no change

Illinois Tool Works Inc. (ITW) Cash Flow All numbers in thousands Period Ending Net Income Depreciatio n Adjustment s To Net Income Changes In Accounts Receivables Changes In Liabilities Changes In Inventories Changes In Other Operating Activities Total Cash Flow From Operating Activities Lincoln Electric Holdings, Inc. (LECO) Cash Flow Vertical analysis 12/31/2016 12/31/2015 12/31/2014 All numbers in thousands U or F Period Ending 1. 00 0. 23 0. 25 0. 17 F -0. 12 0. 02 -0. 55 U -0. 06 0. 11 -0. 02 -0. 06 -0. 02 0. 01 F U Net Income Depreciation up 6% Adj. to Net Adjustments To Income up Net Income 43% Changes in AR down 4% Changes in Liabilities up 10% Changes In Accounts Receivables Changes In Liabilities Changes In Inventories 0. 00 0. 01 0. 00 -0. 03 0. 01 -0. 06 U Changes in other Changes In Other operating Operating Activities activities up 3% U Total cash Total Cash Flow from From Operating operating Activities activities up 58% 1. 13 1. 21 0. 55 Vertical analysis 12/31/2016 12/31/2015 12/31/2014 U or F Depreciation up 6% Adj. to Net Income down 8% 1. 00 0. 33 0. 50 0. 27 F 0. 11 0. 53 0. 19 F -0. 06 0. 45 0. 02 F 0. 06 -0. 37 -0. 01 U 0. 07 0. 44 -0. 02 U 0. 02 -0. 11 0. 12 F Changes in AR down 8% Changes in Liabilities up 7% Changes in inventories up 9% Changes in other operating activities down 10% F Total cash flow from operating activities down 5% 1. 53 2. 44 1. 58

Capital Expendi tures Investm ents Other Cash flows from Investin g Activiti es Total Cash Flows From Investin g Activiti es -0. 13 0. 01 -0. 14 -0. 26 -0. 15 0. 01 0. 03 -0. 11 -0. 12 0. 01 1. 08 0. 96 F Capital expendit Capital ures Expenditures down 1% -0. 25 Investments F Other cash flows from operatin g activities down 122% F Total cash flow Total Cash from Flows From investing Investing activities Activities down 122% -0. 40 -0. 29 U -0. 20 -0. 31 -0. 15 F -0. 36 -0. 27 -0. 02 F Capital expendit ures up 4% Investme nts down 5% Other cash flows from operatin g activities down 34% F Total cash flow from investing activities down 119% Other Cash flows from Investing Activities -0. 81 -0. 67 -0. 31

Dividends Paid Sale Purchase of Stock Net Borrowing s Other Cash Flows from Financing Activities -0. 40 -0. 39 -0. 24 F -0. 94 -1. 02 -1. 42 U 0. 23 0. 08 0. 45 F Dividends paid down Dividends Paid 16% Purchase of Sale Purchase of stock up Stock 48% Net borrowing Net Borrowings down 22% F Other cash Other Cash Flows from Financing Activities financing activities down 1% -0. 01 0. 00 Total Cash Flows From Financing Activities Effect Of Exchange Rate Changes Change In Cash and Cash Equivalen ts -1. 11 -1. 33 -1. 21 F -0. 07 -0. 24 -0. 18 F Total cash Total Cash Flows from Financing Activities financing activities down 10% Effect of exchange Effect Of rate Exchange Rate changes Changes down 11% U Change in cash down 17% -0. 30 -0. 47 0. 13 Change In Cash and Cash Equivalents -0. 44 -0. 68 -0. 29 F -1. 60 -3. 09 -1. 17 F 1. 77 2. 48 0. 21 U Dividends paid down 15% Purchase of stock down 43% Net borrowing up 177% F Other cash flows from financing activities down 9% -0. 10 -0. 06 -0. 01 -0. 32 -1. 33 -1. 23 U -0. 03 -0. 23 -0. 12 U Total cash flows from financing activities up 91% Effect of exchange rate changes up 9% F Change in cash up 46% 0. 38 0. 20 -0. 08

Linda Karr-Summary of Horizontal Analysis, comparing 2016 to 2014. Change in cash flows for operating activities is up 58% for ITW & down 5% for LECO. Change in net cash flows is down 17% for ITW & up 46% for LECO. ITW LECO • Income Statement: ITW discontinued operations in 2014, but hasn't in the last 2 years. • Balance Sheet: 2016 total assets down 13% since 2014. Net tangible assets down 500% since 2014. • Cash flows from operating activities up 58%. • Cash flows from investing activities down around 120%. • Purchase of stock up 48%. • Net borrowing down 22%. • Change in net cash flows down 17%. • Total cash flows from operating activities down 5%. • Cash flows from investing activities down around 120%. • Purchase of stock down 43%. • Net borrowing up 177% • Change in net cash flows up 46%.

Linda Karr- Income Statements 2016 -Vertical Analysis (Revenue basis) Cost of Revenue is only 58% of Revenue for ITW, but is 65% of Revenue for LECO. General & Administrative costs are also lower for ITW. Net income is 15% of Revenue for ITW, but Net Income is only 9% of Revenue for LECO. ITW LECO ITW Income Statement Vertical Analysis 0. 15 0. 06 0. 02 0. 18 0. 01 Chart Title -0. 010. 04 0. 01 0. 58 0. 09 0. 21 0. 65 Cost of Revenue Selling General and Administrative Total Other Income/Expenses Net Interest Expense Income Tax Expense Net Income

0. 00 -0. 50 -1. 00 -1. 50 Cash And Cash Equivalents Net Receivables Inventory Other Current Assets Total Current Assets Property Plant and Equipment Goodwill Intangible Assets Other Assets Deferred Long Term Asset Ch. . . Total Assets Accounts Payable Short/Current Long Term Debt Other Current Liabilities Total Current Liabilities Long Term Debt Other Liabilities Deferred Long Term Liability. . . Minority Interest Total Liabilities Common Stock Retained Earnings Treasury Stock Capital Surplus Other Stockholder Equity Total Stockholder Equity Net Tangible Assets ITW Vertical Analysis-Balance sheet (Total Assets basis) 1. 50 0. 00 -0. 50 -1. 00 Cash And Cash Equivalents Net Receivables Inventory Other Current Assets Total Current Assets Property Plant and Equipme. . . Goodwill Intangible Assets Other Assets Deferred Long Term Asset C. . . Total Assets Accounts Payable Short/Current Long Term De. . . Other Current Liabilities Total Current Liabilities Long Term Debt Other Liabilities Deferred Long Term Liability. . . Minority Interest Total Liabilities Common Stock Retained Earnings Treasury Stock Capital Surplus Other Stockholder Equity Total Stockholder Equity Net Tangible Assets Linda Karr- Balance Sheets 2016 -Vertical Analysis-Total Assets basis Treasury stock is negative (repurchased) for both ITW and LECO. Total liabilities and Retained earnings are higher for ITW. LECO Vertical Analysis-Balance Sheets (Total Assets basis) 1. 50 1. 00 0. 50

A Ne Ch dju t I an stm ge De nco e n m s I p n ts T rec e Ac o i a co Ne tio un t n Ch ts Inc C a h om R To ng an e c e ta e l C s In Cha ges eiva as O bl ng In h e t Flo her es I Liab s w Op n In ilit Fr i om era ven es t t i o n O Ot pe g A ries he ra cti r C Ca tin vi To as t pi h ta g Ac ies ta l E l C flo t xp ivit as ws h en i. . Flo fro. d w m I In itu s F nv ve res s ro e m stin tme In n g ve Ac ts st t i v in Ot g iti. he Sa Di Act. . r C i v le To a P ide viti. ta sh u n r l C Flo ch ds. . as as Pa w h s Flo fro Ne e of id S m t w Ef s F Fin Bor toc Ch fect rom an row k ci an O i ge f E Fina ng A ngs In xc n c C ha cin tivi n g as t h ge Ac. . . an Ra tiv d Ca te C iti. . . sh ha n E qu ge iva s le nt s ITW 1. 5 1 0. 5 0 -0. 5 -1 -1. 5 A Ne Ch dju t I an stm De nco ge e n m s I p n ts T rec e Ac o i a co Ne tio un t n Ch ts Inc C a h To ng an Rec om e e ta l C s In Cha ges eiva I O as b ng n le h t Flo her es I Liab s n w Op In ilit Fr ie om era ven s t t i o n O Ot pe g A ries he c r t a r Ca tin ivi t To Cas pi h ta g Ac ies ta l E l C flo xp tivit as ws en i. . . h Flo fro d w m I In itur s F nv ve s es ro e m stin tme In n ve g Ac ts st t in ivit Ot g A i. . he. S D c r C al i e vid tivit To as P e i. . ta h ur n l C Flo ch ds. as as Pa w h s Flo fro Ne e of id S m t w Ef s F Fin Bor tock f r r o Ch ect om an an O F ci wi ge f E ina ng A ngs In xch nc ct i i C as ang ng A vit. . h . e an Ra ctiv d iti t e Ca. sh Cha. . ng E qu e iva s le nt s Linda Karr- Cash Flow Statements 2016 Vertical Analysis (Net Income Basis) Total cash flows from operating activities is 1. 5 x Net Income for LECO, but closer to 1. 25 x Net Income for ITW. Total cash flows from investing activities is down and repurchase of treasury stock is up (negative number) for both ITW & LECO. Net borrowing for LECO is 1. 75 x Net Income. Total cash flows from financing activities is -1. 25 x Net Income for ITW. LECO ITW Vertical analysis - Cash Flows (Net Income Basis) LECO Vertical analysis - Cash Flows (Net Income Basis) 2 1. 5 1 0. 5 0 -0. 5 -1 -1. 5 -2

Laura Hill -Liquidity and Efficiency Current Ratio & Acid Test Ratio Current Ratio Acid Test Ratio 3. 00 2. 50 2. 69 2. 22 2. 00 1. 77 1. 75 1. 73 1. 71 1. 50 1. 68 1. 69 1. 00 1. 67 0. 50 0. 00 1. 65 ITW LECO 1. 63 ITW LECO

Laura Hill-Liquidity and Efficiency Accounts Receivable Turnover & Inventory Turnover Accounts Receivable Turnover Inventory Turnover AR Turnover Inventory Turnover 9. 00 8. 44 8. 00 7. 00 5. 00 7. 30 7. 00 5. 59 6. 00 5. 96 6. 00 8. 00 5. 00 4. 00 3. 00 2. 00 1. 00 0. 00 ITW LECO

Laura Hill-Liquidity & Efficiency Days’ Sales Uncollected & Days’ Sales in Inventory Days’ Sales Uncollected Days’ Sales in Inventory Days' sales uncollected 70. 00 Days' sales in inventory 63. 26 60. 00 70. 00 60. 00 50. 00 43. 97 40. 00 30. 00 20. 00 10. 00 49. 74 50. 00 62. 76 0. 00 ITW LECO

Laura Hill-Liquidity & Efficiency Total Asset Turnover Total asset turnover 1. 40 1. 22 1. 20 1. 00 0. 88 0. 80 0. 60 0. 40 0. 20 0. 00 ITW LECO

Sarah Finnell – Solvency (ITW=Blue, LECO=Red) Debt Ratio & Equity Ratio Debt Ratio 0. 80 0. 72 0. 70 0. 60 0. 50 Equity Ratio Debt Ratio 0. 67 Equity Ratio 0. 70 0. 61 0. 63 0. 40 0. 48 0. 40 0. 30 0. 28 0. 33 0. 39 0. 10 0. 00 0. 37 0. 30 0. 34 0. 20 0. 52 0. 60 0. 50 0. 66 2015 2014 0. 00 2016 2015 2014

Sarah Finnell – Solvency (ITW=Blue, LECO=Red) Debt to Equity Ratio & Times Interest Earned Debt to Equity Ratio 3. 00 2. 57 2. 50 40. 0 2. 01 30. 0 1. 56 1. 73 20. 0 1. 00 0. 00 25. 0 15. 5 15. 0 0. 92 0. 50 2016 37. 0 35. 0 2. 00 1. 50 Times Interest Earned 2015 10. 0 0. 51 2014 13. 3 5. 0 0. 0 2016 13. 0 11. 8 8. 8 2015 2014

Kady Lawler-Profitability Profit Margin Ratio & Gross Margin Ratio Profit Margin Ratio Gross Margin Ratio Profit margin ratio 16. 00% Gross margin ratio 45. 00% 14. 96% 14. 00% 41. 94% 40. 00% 34. 70% 35. 00% 12. 00% 30. 00% 10. 00% 8. 72% 8. 00% 25. 00% 20. 00% 6. 00% 15. 00% 4. 00% 10. 00% 2. 00% 0. 00% 5. 00% ITW LECO 0. 00% ITW LECO

Kady Lawler-Profitability Return on Total Assets & Return on Common Stockholders’ Equity Return on Total Assets Return on total assets 14. 00% Return on Common Stockholders' Equity 50. 00% 13. 16% 12. 00% 45. 00% 10. 64% 10. 00% 42. 94% 40. 00% 35. 00% 30. 00% 8. 00% 24. 15% 25. 00% 6. 00% 20. 00% 15. 00% 4. 00% 10. 00% 2. 00% 0. 00% 5. 00% ITW LECO 0. 00% ITW LECO

Kady Lawler-Profitability Book Value per Common Share & Basic Earnings per Share Book Value per Common Share From Annual Reports: Basic Earnings per Share Book value per common share Basic earnings per share (EPS) $ 13. 00 $ 5. 70 $ 6. 00 $ 12. 44 $ 12. 50 $ 5. 00 $ 12. 00 $ 4. 00 $ 11. 50 $ 2. 94 $ 3. 00 $ 11. 00 $ 10. 55 $ 10. 50 $ 1. 00 $ 10. 00 $ 9. 50 $ 2. 00 ITW LECO $ - ITW LECO

Kady Lawler-Profitability Basic Earnings per Share (our calculation, not from Annual Reports) From our calculations: Basic Earnings per Share Basic Earnings per share (our calculations) $ 7. 00 $ 5. 94 $ 6. 00 $ 5. 00 $ 4. 00 $ 2. 98 $ 3. 00 $ 2. 00 $ 1. 00 $ - ITW LECO

Sarah Finnell-Market Prospects Price Earnings Ratio & Dividend Yield Price Earnings Ratio Dividend Yield Price-Earnings ratio (PE Ratio) Dividend Yield 30. 00 2. 04% 25. 78 25. 00 21. 17 20. 00 1. 94% 15. 00 1. 89% 10. 00 1. 84% 5. 00 1. 79% 0. 00 ITW 2. 00% 1. 99% LECO 1. 74% 1. 85% ITW LECO

The End **This is followed by calculations of prices of ITW v. LECO

Linda Karr- Value (High Price) of 100% or 51% of Company Stock: ITW (& ITW Welding Segment) v. LECO • ITW: 2016 Dividends paid $821, 000/ dividend per share $2. 40 = 342, 083, 333 shares x high 4 th quarter 2016 share price $127. 99 = ($43. 8 billion) $43, 783, 245, 833 for 100% of ITW shares. • $43, 783, 245, 833 x 0. 51 = ($22. 3 billion) $22 B for 51% of ITW shares. • $43. 7 B x 0. 10= ($4. 4 Billion) $4, 511, 647, 500 for 10% of ITW shares (100% of Welding Segment shares). • $4. 4 B x 0. 51 = ($2. 2 billion) for 5. 1% of ITW shares (51% of Welding Segment shares). • LECO: 2016 Dividends paid $87, 330, 000 dividend per share $1. 31 = 66, 664, 122 shares x high 4 th quarter 2016 share price $80. 57 = ($5. 4 billion) $5, 371, 128, 321 for 100% of LECO shares. • $5. 4 B x. 51 = ($2. 7 billion) $2, 739, 275, 444 for 51% of LECO shares.

Linda Karr- Value (Low Price) of 100% or 51% of Company Stock: ITW (& ITW Welding Segment) v. LECO • ITW: 2016 Dividends paid $821, 000/ dividend per share $2. 40 = 342, 083, 333 shares x Low 4 th quarter 2016 share price $111. 50 = ($38. 1 billion) $38, 142, 291, 629 for 100% of ITW shares. • $38. 1 B x 0. 51 = ($19. 5 billion) for 51% of ITW shares. • $38. 1 B x 0. 10= ($3. 8 Billion) for 10% of ITW shares (100% of Welding Segment shares). • $38. 1 B x 0. 10 x 0. 51 = ($1. 9 billion) for 51% of ITW shares (51% of Welding Segment shares). • LECO: 2016 Dividends paid $87, 330, 000/ dividend per share $1. 31 = 66, 664, 122 shares x Low 4 th quarter 2016 share price $61. 04 = ($4. 1 billion) $4, 069, 178, 015 for 100% of LECO shares. • $4. 1 B x. 51 = ($2. 1 billion) $2, 075, 280, 788 for 51% of LECO shares.

Linda Karr- Value (Average Price) of 100% or 51% of Company Stock: ITW (& ITW Welding Segment) v. LECO ITW: High Price Shares: $43. 8 billion for 100% of ITW shares. $22. 3 billion for 51% of ITW shares. $4. 4 Billion) for 100% of Welding Segment shares. $2. 2 billion for 51% of Welding Segment shares. Low Price Shares: $38. 1 billion for 100% of ITW shares. $19. 5 billion $20, 044913 for 51% of ITW shares. $3. 8 Billion for (100% of Welding Segment shares. $1. 9 billion for 51% of Welding Segment shares. Average Price Shares : $40. 9 billion for 100% of ITW shares. $20. 9 billion $20, 044913 for 51% of ITW shares. $4. 1 Billion for 100% of Welding Segment shares. $2. 1 billion for 51% of Welding Segment shares. LECO: High Price Shares: $5. 4 billion for 100% of LECO shares. $2. 7 billion for 51% of LECO shares. Low Price: LECO: $4. 1 billion for 100% of LECO shares. $2. 1 billion for 51% of LECO shares. Average Price: LECO: $4. 7 billion $4, 720, 153, 168 for 100% of LECO shares. $2. 4 billion $2, 407, 278, 116 for 51% of LECO shares. Average ITW Value is 40. 9 B is 8. 68 times 4. 7 B LECO value (LECO is 11. 5% of ITW) Average ITW Welding Segment 4. 1 B is less than 4. 7 B LECO value