It gives me great pleasure that in its 25th anniversary year, TTI has achieved strong operating profits. This is a tremendous achievement that reflects our efforts to become a global leader in our industries.
TTI has grown from a small company to a multinational with annual sales over US$3 billion. Our Chairman Horst Pudwill and I first founded the company in a small industrial building in Hong Kong in 1986. Back then we could only imagine that TTI would become the global force in Power Equipment and Floor Care products that it is today. From the beginning, we shared a vision of cordless products and a belief that we must always go one step further than the competition. To do this, we recognized that investing in the training, education and recruitment of the best staff and engineers must be at the heart of our company.
Today with a global workforce of over 18,000, that same dedication remains, channeled through our strategic drivers of Powerful Brands, Innovative Products, Exceptional People, and Operational Excellence, and our ambition to be the leader. This has allowed us to bring iconic brands such as MILWAUKEE®, AEG®, RYOBI®, HOMELITE®, HOOVER®, DIRT DEVIL®, and VAX® into the Group, while also maintaining our corporate culture of teamwork, passion, and a commitment to excellence.
It is also a special anniversary year for me as I am retiring from the positions of Vice Chairman and Executive Director. In the past three years, under the leadership of our CEO, Joe Galli, TTI has transitioned to become a truly global and competitive organization with a management team of dedicated professionals. TTI now has the brands, new products, cost competiveness, and international distribution network for sustainable long term growth.
I am extremely proud of what we have achieved and would like to thank our many colleagues for their contribution throughout the years. I would also like to express special thanks to our Chairman, for not just being a leader of the company, but also a friend, mentor and colleague. I look forward to involving myself in various social services. I am extremely confident that with our new management team, TTI will continue to have many more successful years in the future.