Brookfield-based power tool manufacturer Milwaukee Tool saw sales increase 20.2 percent in the first half of the year, according to results released today by parent company Techtronic Industries Co Ltd.
The revenue increase, calculated before currency adjustment, was driven by double-digit growth in its Consumer Power Tool and Outdoor Products brands. Techtronic attributed the growth to an innovative new product mix and entrance into new categories, strategic geographic growth and successful marketing tactics.
Hong Kong-based Techtronic reported first half net income of $201 million, or $9.69 per share, up from $181 million, or $8.67 per share, in the first half of 2015.
Revenue was $2.7 billion in the first half of the year, up 8.6 percent from $2.5 billion in the same period a year ago.
TTI’s Power Equipment segment reported $2.2 billion in global sales in the first half, up 12.6 percent year-over-year.
TTI acquired Milwaukee Tool in 2005 and the iconic brand has been growing at a significant pace over the past decade. Innovations have focused on improvements to cordless power tools and battery technology, but Milwaukee Tool has also expanded into new areas and made advancements in connecting tools to mobile devices.
BizTimes chronicled the growth in a recent cover story as the company prepared for an expansion of its corporate headquarters on Lisbon Road in Brookfield. The company plans to add 500 jobs as part of its expansion. Milwaukee Tool will receive up to $18 million in state income tax credits as an incentive tied to the $35 million expansion project.
