Glenview, Ill. (May 14, 2002) -- After severing its 50-year auditing relationship with Big Five firm Andersen, Illinois Tool Works Inc. has hired rival Deloitte & Touche as external auditor to succeed the embattled firm.Based here, ITW, a manufacturer of engineered components and industrial systems, said the decision to retain Deloitte had followed an earlier recommendation by the audit committee to replace Andersen.

According to the company’s proxy statement, ITW paid Andersen roughly $13 million in fees, of which $3.5 were for audit services.

Electronic Accountant Newswire staff

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