ITW CEO Scott Santi says the time it will take for its markets to recover from the coronavirus pandemic remains “highly uncertain”.
The company, which owns brands such as Hobart and Foster, operates in various industrial segments, although foodservice equipment is one of its largest divisions.
Mr Santi is adamant the business is well-financed to cope with whatever hurdles lie ahead, but said it was difficult to tell how quickly things would get back to normal.
“It remains highly uncertain as to how long this global pandemic and related economic challenges will last or how quickly our customers and end-markets will recover.
“However, I am confident that the strength and resilience of ITW’s powerful business model, our diversified, high-quality business portfolio, and our people put us in a position of strength to deal with whatever lies ahead.
“ITW will rise to the challenge, as we always have over the course of our 108-year history. Our strong financial position gives us the latitude to make strategic choices now to prepare for a range of recovery scenarios, and to come out the other side well-positioned to continue on our path to ITW’s full-potential performance.”
Mr Santi said he was inspired and heartened by the teamwork, flexibility, ingenuity, and selflessness demonstrated by staff in adapting to the very unusual and challenging circumstances brought about by the pandemic.
“Our ITW colleagues everywhere are going the extra mile to protect the health and support the well-being of each other and to continue to serve our customers with excellence.
“Around the world, many ITW manufacturing locations have been designated as essential, signifying the vital role the company plays in supporting customers and industries that are critical to the economic health of the markets and communities we serve.”
ITW last week reported first quarter sales of $3.2 billion (£2.6 billion), a decline of 9% on the previous year.