TTI sales up by 8.4%

Parent company of Milwaukee Electric Tool boosts profits 58.9 percent for year.

Hong Kong-based Techtronic Industries Co. Ltd., which owns Milwaukee Electric Tool Corporation, said its profits for 2011 rose by 58.9% to $151 million.

Sales for the year grew 8.4% over 2010 to a record $3.7 billion. Gross profit margin increased to 32.6%, from 32.2% in 2010 and 31.3% in 2009 on productivity gains in operations and supply chain, the company said.

These improvements drove 2011 earnings before interest and tax up by 30.6% to $218 million, with margin improving by 100 basis points to 5.9%.

"I am pleased to announce that TTI delivered strong results in 2011 as our business continued to expand in key markets, while successfully managing costs and delivering higher margins. This solid performance demonstrates the fundamental strengths of the Group," said Horst Pudwill, TTI chairman.

"At TTI we are developing a series of game-changing technologically advanced products and platforms. These innovations are designed to address our end-user needs with breakthrough performance, enhanced productivity and exceptional industrial design. We are successfully implementing this disruptive innovation model throughout all of our business unit," added Joseph Galli, CEO.

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