Strong year for tool maker TTI
The owner of Milwaukee Tool, Ryobi, and Hoover sees major growth in its power equipment business.
Techtronic Industries (TTI), the parent company of Milwaukee Tool and Ryobi, among other major brands, reported that its sales in 2017 grew 10.6% to $6 billion from $5.4 billion the prior year.
The Hong Kong-based company also reported that its power equipment business, which accounts for nearly 85% of total sales, saw sales grow nearly 15% to $5.1 billion.
The company’s earnings for 2017 increased 15% to $470 million from $409 million a year ago.
“I am pleased to announce that in 2017 we delivered another year of record profit and our eighth consecutive year of record revenue,” said TTI Chairman Horst Pudwill. “We have delivered impressive growth through the years while continuing to drive gross margin expansion. With our well-defined strategy, business momentum, and customer focus, we have high ambitions for continued success.”
Listed on the Hong Kong Stock Exchange, TTI brand portfolio includes Milwaukee, AEG, and Ryobi power tools along with Ryobi and Homelite outdoor power products. The company also owns Hoover, Oreck, Vax, and Dirt Devil vacuum and floor care products and appliances.
The Hong Kong-based company also reported that its power equipment business, which accounts for nearly 85% of total sales, saw sales grow nearly 15% to $5.1 billion.
The company’s earnings for 2017 increased 15% to $470 million from $409 million a year ago.
“I am pleased to announce that in 2017 we delivered another year of record profit and our eighth consecutive year of record revenue,” said TTI Chairman Horst Pudwill. “We have delivered impressive growth through the years while continuing to drive gross margin expansion. With our well-defined strategy, business momentum, and customer focus, we have high ambitions for continued success.”
Listed on the Hong Kong Stock Exchange, TTI brand portfolio includes Milwaukee, AEG, and Ryobi power tools along with Ryobi and Homelite outdoor power products. The company also owns Hoover, Oreck, Vax, and Dirt Devil vacuum and floor care products and appliances.
