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Illinois Tool Works Inc. and Relational Investors LLC today announced that they have entered into a mutual cooperation agreement giving Relational an option to appoint David H. Batchelder, its principal and co-founder, to ITW’s board of directors.

"ITW and Relational have engaged in a series of productive discussions about our business and growth prospects," says David B. Speer, ITW chairman and chief executive officer. "We welcome open dialogue with and input from our shareholders and are pleased to have reached this agreement with Relational. Our board and management team remain committed to generating profitable growth and delivering strong returns and we look forward to continuing to enhance value for all of our shareholders."

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