TTI grows Milwaukee and Ryobi sales
Techtronic Industries (TTI) announced its consolidated financial results for the year ended December 31, 2024. The parent company of Milwaukee Tools, Ryobi, and others delivered record sales of $14.6 billion in 2024, growing 6.5% over 2023 sales.
The company said its “flagship Milwaukee business continued to extend its dominant market leadership position with sales growth of 11.6% in local currency. RYOBI, the #1 consumer battery-powered tool and outdoor brand globally, also delivered tremendous results, growing 6.4% in local currency. The remaining businesses decreased sales by 14% compared to 2023 as we focused on plans to increase profitability in these areas.”
Though the company didn’t clearly identify those “remaining businesses,” it also owns brands such as Hart Tools, and cleaning tools including Oreck, Hoover, Dirt Devil and more. It did report that its Floorcare and Cleaning segment reduced sales by 4.5% in local currency to $899 million, but improved profit by $1.2 million versus 2023 to $28.3 million.
Mr. Horst Pudwill, Chairman of TTI, said, “We are extremely proud of our financial performance in 2024, which would not have been possible without the efforts of our outstanding global team. With gearing of 0.7% at year end 2024, our balance sheet is extremely healthy. In 2025, we will continue our mission of cordless domination, bringing disruptive technology and innovative design to the market, while delivering outstanding financial results.”
By brand specifics
TTI’s flagship Milwaukee business in North America grew 10.9%, Europe delivered 14.8% growth, and the rest of the world delivered 11.9% growth.
The company said, “When we started our MILWAUKEE cordless journey over 17 years ago, we serviced a limited number of professional trade verticals with only a few products. Today, we are focused on users in the 10 core trade verticals of Mechanical, Electrical, Plumbing, Remodeling, Utility, Transportation Maintenance, General Contracting, Landscaping & Tree Care, and Mining. Our product categories now include Power Tools, Outdoor Power Equipment, Accessories, MX FUEL Light Equipment, PACKOUT Modular Storage Solutions, Hand Tools, and Personal Protective Equipment (PPE). Our mission is to provide a total solution for the end user to make them more productive, safer, and ultimately, more successful.”
The company’s Ryobi business grew 6.4% in local currency. Ryobi Outdoor delivered low double digit growth, while the Power Tool category continued to improve profitability.
The company said, “As the #1 Consumer cordless power tool and outdoor brand in the world, we are continuing to bring innovation and value to all our customers, ranging from the DIY hobbyist, to the Lawn and Garden Enthusiast, to the Value Pro and everyone in between.”
