TTI Sales Grew 11.6 Percent in 2013

Hong Kong-based parent company of Milwaukee Electric Tool and Ryobi reported 2013 sales increased by 11.6% to $4.3 billion.

The parent company to Milwaukee Electric Tool and Ryobi said sales to its largest business segment, Power Equipment, rose by 9.8% to $3.1 billion, accounting for 73.1% of total sales. Earnings before interest and tax increased by 16.9% to $304 million.

"I am pleased to announce that TTI delivered another record year for sales, gross margin and profit in 2013. We are excited about our positive momentum and are well positioned to build on our record financial performance through our continued commitment to innovation and superior products," said Horst Pudwill, chairman.

"2013 was an outstanding year for TTI that validates our relentless focus on innovative product development and global market expansion, supported by disciplined cash management, continuous process improvements, and a deeply committed customer-oriented global team. We are just getting started," said CEO Joseph Galli.

Click here to read the official release.