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Daily News

Hoover Buyer Techtronic Reports Record Profits
Apr 19, 2007
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Floor care appliances maker Techtronic Industries Co. Ltd. today announced profits for 2006 reached a record level of HK $1.072 billion (approx. U.S. $137 million), up 5.19 percent over the previous year. This marks TTI's twelfth consecutive year of growth.

TTI acquired the Hoover floor care business from Whirlpool Corporation in early 2007. Its floor care brand portfolio already included established U.S. brands Dirt Devil and Royal, as well as global brand Vax. The company is a major supplier of Kenmore floor care appliances to retailer Sears. TTI's power tools business includes brands such as Milwaukee®, AEG® and Ridgid®.

TTI credited its leading brands, product innovations and cost improvement efforts for delivering a healthier net profit margin of 4.91 percent in 2006, up from 4.56 percent in 2005.

“2006 turnover for the group was HK $21.82 billion (approx. $2.79 billion), a small decline of 2.39 percent over 2005," TTI Chairman and CEO Horst Julius Pudwill said. "We managed solid turnover growth in the first half of 2006, but the second half proved to be more challenging with a softer macro economic environment in the United States. However, the group’s expansion efforts outside of North America continued the first half momentum with near double digit turnover growth for the second half and consequently for the full year."

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