Techtronic Industries Co. (TTI), parent company to Ryobi, Ridgid, and Milwaukee power tools, plans to introduce 300 products a year in Western Europe after it saw a dramatic rise of 20 percent in sales during the first half of this year.
According to an online report, CEO Joseph Galli showed optimism that the construction industry is finally bouncing back after a tough economic slowdown that seemed to drag on longer than anyone would have initially guessed. Germany in particular was praised as having a strong economy, and the company is looking at two years of significant expansion of its offerings in the region.
As for TTI’s stocks, the company is definitely doing well, reigning in a 40 rise in profit in the fiurst half of this year thanks to new products and a greater demand for tools and accessories. Techtronic is planning to invest between $80 and $90 million dollars per year in new products. Techtronic stock rose 0.3 percent to HK$6.50 as of 10:45 a.m. in Hong Kong trading, which was in stark contrast to an 0.8 percent drop in the overall benchmark Hang Seng Index.
The next stop for TTI seems to be, as you might expect, China. With over a billion consumers and a rising economic outlook, China is the place to be and get a foothold in the race for brand recognition, distribution and product acceptance.