Brookfield-based Milwaukee Tool grew its sales 10.7% in local currency in 2023, according to the annual report from its parent company Hong Kong-based Techtronic Industries (or TTI). That puts Milwaukee Tool’s annual revenue at around $8.9 billion based on prior disclosures. Milwaukee Tool has seen a compound annual growth rate of 22% since 2010. Sales
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Milwaukee Tool torque wrench. Image courtesy of Milwaukee Tool.[/caption]
For example, Milwaukee Tool has launched what Moll called the industry’s first powered torque wrench. The wrench uses Milwaukee Tool’s One Key Internet of Things (IoT) technology.
“Designed specifically for the thriving data center market, this is able to provide up to 50% faster application speed and precision torque accuracy to within 2% for critical torque fastening required on data center projects,” said Moll.
The One Key cloud technology provides the owner of a data center with a record of the installation process.
Milwaukee Tool has also introduced RedLithium Forge charging technology, which leverages advanced cell technology and a new pack design to give users the fastest charging time and longest battery life possible. The company expects to introduce more RedLithium Forge battery technologies later this year.
AI technology is already being used in some of the company’s drills, which can predict and prevent over-rotation injuries that commonly occur on job sites. The drills include an auto-stop feature powered by AI.
“Leveraging internal dedicated artificial intelligence resources in addition to our high-power embedded electronics and internally developed machine learning algorithms, we are putting AI functionality into the hand of our users,” said Moll.
He emphasized how important the outdoor power equipment category will continue to be for Milwaukee Tool. The category is worth more than $15 billion globally and Moll said the company has yet to truly penetrate the market with its cordless equipment.