Techtronic Industries

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Techtronic Industries Company Limited
創科實業有限公司
TypePublic
IndustryManufacturing company (power tools and electronic equipment)
Founded24 May 1985; 36 years ago (1985-05-24)
FoundersHorst Julius Pudwill[1]
Roy Chung Chi Ping
Headquarters
Hong Kong
Area served
Worldwide
Key people
Horst Julius Pudwill (Chairman)
Stephan Horst Pudwill (Vice Chairman)
Joseph Galli (CEO)
RevenueUS$9.8 billion (2020)[2]
Number of employees
48,028[2]
SubsidiariesMilwaukee Electric Tool
TTI Power Equipment
TTI Floor Care
Vax ltd.
Websitewww.ttigroup.com

Techtronic Industries Company Limited (TTI Group or TTI) designs, produces, and markets power tools, outdoor power equipment, hand tools, and floor care appliances under a variety of wholly owned and licensed brands. The company's products are used by consumers, professionals, and industrial users in the home, construction, maintenance, industrial and infrastructure industries.[3] TTI was the first company to produce heavy-duty cordless power tools powered by lithium-ion rechargeable batteries.[4] Its expertise in brushless motors, advanced system electronics and firmware has contributed to the company's performance.[5]

The company was founded by Horst Julius Pudwill and GBS BBS JP in 1985.[6] TTI's brand portfolio includes Milwaukee Electric Tool, AEG, Ryobi, Homelite, Empire, Stiletto, Hoover US, Hart, Oreck, Vax, and Dirt Devil. It has a worldwide customer reach, and staff of more than 48,000. TTI has manufacturing bases and facilities in China, Vietnam, the U.S., Mexico and Europe. In 2020, TTI's annual sales were more than US$9.8 billion.[2] TTI has been listed on the Hong Kong Stock Exchange since 1990 and was listed as one of the Hang Seng Index constituent stocks in 2019.[7]

History[]

TTI was founded in 1985 in Hong Kong by Horst Julius Pudwill and Roy Chi Ping Chung.[8] TTI began as an original equipment manufacturer for overseas brands.[9] Sears partnered with TTI in 1987 to produce Craftsman-branded cordless power tools.[10] TTI entered the floor care industry when it began producing cordless handheld vacuum cleaners for the Bissell brand.[11] In 1990, TTI listed its shares on the Hong Kong Stock Exchange under the stock code 0669 by way of an initial public offering.[7][12] TTI trades under the ticker TTNDY in the American stock market.[13]

TTI developed a global brand portfolio by acquiring labels such as Milwaukee, Hoover, Dirt Devil and buying brand licenses of Ryobi Power Tools and Ryobi Outdoor Power Equipment and AEG Power Tools. The company was focused on the advancement of cordless technology as well as lithium-ion technology.[5][13][14]

Brands and products[]

TTI produces power tools, accessories and hand tools, outdoor power equipment, layout and measuring products as well as floor care and cleaning products. Products are distributed through the company's brands, which include:

Financial performance[]

TTI's revenue grew from US$62.66 million in 1990 to $778.6 million in 2001.[12] From 2010 to 2019, TTI's sales rose at a compounded annual growth rate of 10 percent.[22] TTI was listed as a constituent stock of the benchmark Hang Seng gauge on March 11, 2019. Companies added to the list "constitute the top 90 percentile of the total market cap of the city's stock universe".[7] TTI reported revenues of $9.812 billion in 2020.[2]

Technology development[]

TTI has a history of working to advance cordless power tool technology. The company was one of the first to use lithium-ion batteries for cordless power tools.[23] It began manufacturing cordless tools using lithium-ion technology for its Milwaukee Tool brand in 2005.[24] The company has centers located in Hong Kong, the U.S., Germany, and the United Kingdom for the purpose of research and development, and manufacturing.[23] TTI subsidiary Milwaukee Tool's One-Key mobile application, released in September 2015, allows users to remotely connect and program their tools.[25][26] In November 2019, Milwaukee Tool launched the MX FUEL Equipment System, a series of tools which traditionally used gas engines and instead are powered by a battery that is compatible with all tools in the line;[27] at the time of launch, the system reportedly had the longest runtime and power of any battery system for power tools.[28]

Recognition[]

Forbes listed TTI as "One of the World’s Best 200 Small Companies" in 2002.[29] The company was among the recipients of the top consumer product design award in the 2008 and 2012 Hong Kong Awards for Industries.[30][31] In 2014, Euromoney magazine named TTI the “Best Managed Company in Asia in Consumer goods/retail”.[32] The Home Depot recognized TTI as its Environmental Partner of the Year in 2020, and TTI's Milwaukee Tool as its Interconnected Partner of the Year.[33]

References[]

  1. ^ "Horst Julius Pudwill". Forbes. ISSN 0015-6914. Archived from the original on 2020-09-06. Retrieved 2018-10-29.
  2. ^ a b c d "2020 Annual Report" (PDF). Techtronic Industries. Archived (PDF) from the original on April 16, 2021. Retrieved March 10, 2021.
  3. ^ "Techtronic Industries Co Ltd". Bloomberg News. Bloomberg L.P. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  4. ^ "Emerging Giants". Bloomberg News. July 30, 2006. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  5. ^ a b Cremer, John (August 18, 2018). "Laser focus drives gains". South China Morning Post. p. 3. OCLC 648902513.
  6. ^ Hollingsworth, Julia (December 1, 2016). "Techtronic: from small-time tool maker to powerful global leader". South China Morning Post. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  7. ^ a b c Yiu, Enoch (February 22, 2019). "Benchmark compiler Hang Seng Indexes adds tool maker Techtronic to gauge, ejects China Resources Power". South China Morning Post. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  8. ^ Kahn, Gabriel (December 26, 2003). "After Years Behind the Scenes, Chinese Join the Name Game". The Wall Street Journal. ISSN 0099-9660. OCLC 781541372. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  9. ^ Oliver, Rachel (June 25, 2004). "People come first in pursuit of excellence". South China Morning Post. p. 1.
  10. ^ "Corporate Milestones" (PDF). HKEX News. Archived (PDF) from the original on April 16, 2021. Retrieved March 10, 2021.
  11. ^ Anne, Crawford (June 19, 1992). "Pudwill has plans for NovAtel". Calgary Herald. Postmedia Network. p. E3. ISSN 1197-2823. OCLC 29533985.
  12. ^ a b Dembina, Andrew (February 2003). "Doing it yourself". Hong Kong Business. pp. 12–14.
  13. ^ a b c d "Techtronic Industries Co Ltd". Reuters. Archived from the original on April 16, 2021. Retrieved March 10, 2021.
  14. ^ "Power Tool Manufacturers and Who Really Owns Them". Pro Tool Reviews. Retrieved August 5, 2021.
  15. ^ a b Pretzlaff, Harry (August 31, 2004). "Chinesen auf Einkaufstour; Techtronic übernimmt AEG Elektrowerkzeuge" [Chinese on a shopping spree; Techtronic takes over AEG power tools]. Stuttgarter Zeitung (in German).
  16. ^ Luk, Lewis (December 6, 2013). "Case Studies on IP Trading among SMEs in Asia" (PDF). Hong Kong Institute of Patent Attorneys. Archived (PDF) from the original on June 2, 2014. Retrieved March 11, 2021.
  17. ^ LHeureux, Dave (December 19, 2001). "Deere & Co. to Close Consumer Products Facility in Pontiac, S.C.". The State. Columbia, South Carolina: McClatchy. ISSN 0038-9994.
  18. ^ a b Taschler, Joe; Daykin, Tom (January 27, 2020). "Milwaukee Tool planning $26 million plant in West Bend; 100 new jobs planned by 2025". Milwaukee Journal Sentinel. Gannett. ISSN 1082-8850. OCLC 55506548. Archived from the original on February 26, 2021. Retrieved March 11, 2021.
  19. ^ Fratzel, Todd (November 20, 2019). "Hart Tools Launches New Line of Tools at Walmart". Tool Box Buzz. Archived from the original on July 21, 2021. Retrieved July 20, 2021.
  20. ^ a b Antosiewicz, Frank (August 4, 2014). "Buyer plans to sell former Hoover plants". Plastics News. Vol. 26. Crain Communications. p. 3.
  21. ^ a b Pugh, Chris (January 31, 2007). "Future of Hoover plant in doubt". The Independent. p. 1. ISSN 0951-9467. OCLC 185201487.
  22. ^ "3 Highlights from Techtronic Industries Co Ltd's H1 2019 Results". The Motley Fool. September 3, 2019. Archived from the original on April 16, 2021. Retrieved March 11, 2021.
  23. ^ a b Engardio, Pete (July 31, 2006). "Emerging Giants". Bloomberg Businessweek. p. 46.
  24. ^ "Techtronic: "We Have The Vision To Be No. 1"". Bloomberg Businessweek. July 30, 2006. Retrieved May 17, 2021.
  25. ^ Lucy, Jim (August 1, 2013). "Tool Time in Milwaukee". Electrical Wholesaler. Archived from the original on July 21, 2021. Retrieved April 7, 2021.
  26. ^ "This Month's Product Picks". Electrical Wholesaler. Vol. 10. October 1, 2015. p. 27.
  27. ^ Ryan, Sean (January 24, 2020). "Powered for growth: How Milwaukee Electric Tool plans to bring 772 more jobs to Brookfield". Milwaukee Business Journal. Archived from the original on July 21, 2021. Retrieved May 17, 2021.
  28. ^ Jackson, Tom (November 14, 2019). "Milwaukee unveils MX Fuel lineup of cordless commercial construction tools with biggest batteries in the industry". Equipment World. Archived from the original on July 21, 2021. Retrieved April 7, 2021.
  29. ^ "200 Companies for 2002". Forbes. October 28, 2002. Archived from the original on July 21, 2021. Retrieved April 7, 2021.
  30. ^ "Hong Kong Awards for Industries 2008". Hong Kong Trade and Industry Department. Archived from the original on July 21, 2021. Retrieved April 7, 2021.
  31. ^ "Hong Kong Awards for Industries 2012". Hong Kong Trade and Industry Department. Archived from the original on July 21, 2021. Retrieved July 19, 2021.
  32. ^ "Best managed companies in Asia 2014". Euromoney. January 20, 2014. Archived from the original on September 28, 2020. Retrieved April 7, 2021.
  33. ^ Salmonsen, Mary (October 12, 2020). "Home Depot announces 2020 Innovation Award winners". Builder Online. Archived from the original on December 25, 2020. Retrieved April 7, 2021.
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