ITW’s global catering equipment business is still worth a colossal $2.12 billion (£1.5 billion) in sales annually after it succeeded in marginally surpassing the previous year’s figure in 2017.
The company is one of the largest suppliers of commercial kitchen equipment in the world and owns a number of key foodservice equipment brands, including Hobart, Bonnet and Foster Refrigerator.
Revenues last year rose just above the $2.11 billion (£1.49 billion) that it posted for the previous 12 months, according to unaudited results published this week.
ITW bosses will be delighted that the division managed to boost operating profit by $19m (£13m) to $556m (£393m) even though its sales growth was modest.
The results show that the unit, which specialises in dishwashing, cooking, refrigeration and food processing equipment, achieved an operating margin of 26.2% for 2017, compared with 25.4% the previous year.
Foodservice equipment is the second largest of ITW’s eight operating segments, behind automotive OEM, which generated sales of $3.2 billion (£2.2 billion) last year.
ITW as a group grew sales by 5% to $14.3 billion (£10.1 billion) in 2017, while operating income reached $3.49 billion (£2.46m).
Scott Santi, chairman and CEO of ITW, said: “Overall, these results demonstrate continued progress in our efforts to position ITW to generate consistent differentiated performance on a sustained basis. Through the combination of ITW’s high quality business portfolio and our ongoing focus on leveraging ITW’s powerful business model to full potential, we are well positioned to deliver strong results in 2018 and beyond.”