TTI profits up 40.5 percent
Milwaukee Electric Tool parent corporation Techtronic Industries Co. Ltd. said its net profits grew by 40.5% for the first six months of 2010.
The Hong Kong-based global power tools and floor care company said the increase reflected robust sales growth and higher margins from new products.
For the six months ended June, the Group's sales were $1.6 billion, an increase of 10.5% over the same period in 2009. EBIT before restructuring increased 58.9% as sales grew in all major markets led by strong performances from the Milwaukee and Hoover brands. The strategic investment in these brands with an expanding portfolio of innovative products enabled both sales and margins to increase during the period.
"We are very pleased with the progress of the company and the profit improvement in the first half. This reflects the strength of our brands, new products, and success of our strategic geographic expansion," said Horst Pudwill, TTI chairman.
"TTI has developed a tremendous capability for new products putting us at the vanguard of innovation that enhances end-user satisfaction and productivity. This delivers the first mover advantage that will sustain our leadership position and growth. We have a great future ahead of us," said Joseph Galli, CEO.
TTI's brand portfolio includes Milwaukee Electric Tool, AEG and Ryobi power tools and accessories, Ryobi and Homelite outdoor products, and Hoover, Dirt Devil and Vax floor care products and accessories.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
