Brookfield-based
Milwaukee Tool’s sales grew 11.2% in local currency during the first half of 2024, according to the mid-year report from its parent company, Hong Kong-based
Techtronic Industries Co. Ltd.
If Milwaukee Tool’s second half sales growth continues at the same pace as during the first half, then its annual revenue would be around $9.85 billion, based on prior disclosures.
"The investments we have made in new product development, geographic expansion, commercialization, and vertical penetration are driving this robust growth," Techtronic's report states. "More importantly, Milwaukee (Tool) is well positioned for continued growth as we enter new verticals and expand our domination within existing verticals."
Last year Milwaukee Tool’s sales grew 10.7% in local currency, including 8.7% growth during the first half of the year.
Milwaukee Tool’s growth continues to outpace the growth rate of its parent company. Techtronic reported first half sales growth of 6.3% to $7.3 billion and net profit growth of 15.7% to $550 million.
Steve Richman was promoted from CEO of Milwaukee Tool to CEO of Techtronic in May.
"Our first half performance demonstrates our focus on extending our market leadership position within our Milwaukee (Tool) and consumer group of businesses, while delivering a strong financial performance," Richman said. "We remain laser focused on our strategy of investing in demonstrably better, technologically advanced new products and exceptional people to drive our growth."
In addition to Milwaukee Tool, Techtronic’s brand portfolio includes Ryobi, Hoover, Dirt Devil and Oreck.
"With the promotion of (Richman) to CEO and the deep talent pool supporting him, we are extremely well positioned to continue growing the overall market and extending our leadership position," said
Horst Julius Pudwill, chairman of Techtronic.
Advancements in artificial intelligence and the need for more data centers is driving more business for Milwaukee Tool, according to the Techtronic report.
"The exponential advancement of generative artificial intelligence has created new growth opportunities for Milwaukee (Tool)," the Techtronic report says. "This new technology has created a need for the buildout of power grid advancements and the construction of additional data center capacity. Milwaukee (Tool) is partnering with end users, trade organizations, contractors and training centers across the mechanical, electrical, power utility and general contractor verticals to support this growth."
