Brookfield-based Milwaukee Tool saw its revenue increase 8.7% in local currency during the first half of the year, even as its parent company saw an overall decline in sales for the first time in years. Hong Kong-based Techtronic Industries (or TTI), the parent company of Milwaukee Tool, saw revenue decline 2.2% in reported currency to
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Source: Milwaukee Tool investor presentation[/caption]
For the first half of 2023, the Milwaukee Tool business saw sales increase 7% in North America, 16% in Europe and 13% in the rest of the world.
“We believe this business is well positioned for sustained long term sales growth of high single digit to low double digit based on the shift from legacy power sources like petrol and corded to cordless, geographic expansion, deep vertical penetration, and new product introductions,” the company said in its earnings announcement.
Specific areas the company highlighted for continued growth included infrastructure, construction, power utilities, renewable energy, mining and transportation maintenance.
Milwaukee Tool's significant growth has been felt in the Milwaukee area with the company adding more employees, expanding its Brookfield headquarters and recently 