The chief executive officer for Milwaukee Tool’s parent company, Hong Kong-based Techtronic Industries Co., wasn’t kidding when he told investors in 2018 that Milwaukee Tool was “still just getting started.” Back then, Milwaukee Tool had…
The chief executive officer for Milwaukee Tool’s parent company, Hong Kong-based Techtronic Industries Co., wasn’t kidding when he told investors in 2018 that Milwaukee Tool was “still just getting started.”Back then, Milwaukee Tool had approximately $3.7 billion in sales. At the time, TTI CEO Joe Galli Jr. told investors that Milwaukee Tool would see 20% growth for at least the next three years. Galli Jr.’s growth projections are not only correct so far, year-over-year growth is actually higher than what he envisioned. Milwaukee tool has grown on average 25.2% annually for the last three years and an average of 23% annually for the last five years.TTI does not break out revenue figures for Milwaukee Tool, but the brand crossed $2 billion in revenue for the first time in 2015. Three subsequent years of growth increased the company's sales to more than $3.7 billion in 2018, which means 21.7% growth in 2019 and 25.8% growth in 2020 put Milwaukee Tool’s sales last year at approximately $5.66 billion.That pace would put its revenue near $6.5 billion by the end of 2021. Hong Kong-based TTI kicked off the new decade with $9.8 billion in sales, up from $7.6 billion or a 28% increase from 2019. Second half sales grew 42.3%, outpacing the market, according to a TTI press release. TTI’s power equipment business represents 89% of the company’s total sales - the segment includes both Milwaukee Tool and TTI’s RYOBI cordless business, which together grew 28.5% for a total of $8.7 billion in sales. The company’s floorcare business, which represents 11% of TTI total sales, increased 23.6% to $1.1 billion over 2019. “It is our unrelenting bold vision, customer focus and business momentum that will make 2021 another successful year and position TTI with exciting opportunities in the decade to come,” Galli Jr. said in a statement. Read the March 8 issue of BizTimes Milwaukee here:
