Chairman’s Statement

“We are confident that our unrelenting bold vision, customer focus and business momentum will make 2022 another outstanding year and position TTI with exciting opportunities in the months and years ahead.”

I am pleased to announce that 2021 was an extraordinary year for TTI with outstanding revenue and profit growth.

We delivered sales of US$13.2 billion, an increase of 34.6%. Over the two-year period, we significantly outperformed the market with +72.2% sales growth. Increased strategic investments in new product, manufacturing capacity, geographic expansion, logistics, and our in-field marketing initiatives propelled our industry leading performance.

Every one of our business units in all geographic regions delivered exceptional sales growth in 2021. North America grew 33.7%, Europe grew 41.1% and ROW grew 31.8%. Our Power Equipment business, representing 90.6% of total sales, grew 37.0% to US$12.0 billion. Our Milwaukee business, Ryobi DIY, and Ryobi Outdoor businesses all achieved double-digit growth, significantly outgrowing the market. Our Floorcare and Cleaning business also produced strong sales growth of 14.8% to US$1.2 billion.

Gross margin improved for the 13th consecutive year, from 38.3% in 2020 to 38.8% in 2021. This gross margin improvement is a direct result of the launching of high margin new products, disciplined mix management, exceptional productivity gains, and volume leverage.

Our team has done a masterful job managing through the evolving supply chain landscape. With the help of key long-term suppliers, we have navigated through increased in-transit times and limited transportation availability to keep serving customers at a high level. Additionally, our bold decision to invest in inventory has created a buffer of critical components to keep production lines running smoothly and insulating the business from commodity cost increases.

We are deeply committed to being a global leader in clean tech innovation, environmental sustainability, social responsibility, and ethical corporate governance. Throughout 2021, we continued to invest relentlessly in the development of environmentally responsible cordless products that reduce carbon and noise pollution and are safer for end users, while investing in decarbonizing our manufacturing operations. This year we are pleased to announce that we are committing to reducing our 2030 SCOPE 1 and SCOPE 2 absolute emissions by 60% from our 2021 baseline, not only reducing carbon intensity, but doing so while growing our business.

Financial Performance
EBIT increased 37.2% to US$1.2 billion, with the EBIT margin improving by 17 basis points to 9.0%. Net Profit rose 37.2% to US$1.1 billion, with earnings per share increasing 37.1% over 2020 to US60.04 cents. With the investments in inventory to support sales growth and high service levels, the Group maintained a disciplined working capital ratio at 20.9% of sales.

The Board is recommending a final dividend of HK 1 dollar (approximately US12.87 cents) per share. Together, with the interim dividend of HK85.00 cents (approximately US10.94 cents) per share, this will result in a full-year dividend of HK185.00 cents (approximately US23.81 cents) per share, against HK135.00 cents (approximately US17.37 cents) per share in 2020, an increase of 37.0%.

Outlook
TTI is now uniquely positioned to continue our leadership position in professional cordless, DIY cordless, outdoor cordless, and in floorcare. In 2021, we made bold investments to expand manufacturing capacity, new product development, marketing, end user conversion, geographic expansion, and inventory to support our 34.6% sales growth. In 2022, we are excited to continue making substantial investments in the business, to drive another year of above market results and gross margin expansion.

I would like to thank our customers, end users, suppliers, shareholders and entire TTI organization for another tremendous year. These outstanding results are a testament to the quality of our dedicated, skilled, and passionate world-class teams across the globe. We are confident that our unrelenting bold vision, customer focus and business momentum will make 2022 another outstanding year and position TTI with exciting opportunities in the months and years ahead.

Horst Julius Pudwill
Chairman
March 2, 2022
Chairman’s Statement (PDF)

Chief Executive Officer’s Message

“While we are pleased with our 2021 performance, we firmly believe the next five years will be a tremendous period for company’s sales and profit growth.”

2021 was an epic year for TTI, with organic sales growth of $3.4 billion. Not only did we grow the business by 34.6%, but we did so while improving gross margin and net profit at a faster rate than sales. Our unwavering strategic focus on cordless technology drove this extraordinary performance.

We are leading the once-in-a-generation shift from petrol, corded, manual, hydraulic, and pneumatic products to cordless in power tools, light equipment, outdoor products, and cleaning. Our technologically advanced cordless products command a premium in the market, which drives our continued gross margin improvement. 2021 was the 13th consecutive year of gross margin improvement, funding additional strategic SG&A investments in R&D, new product development, in-field marketing specialists, digital marketing, store coverage, and geographic expansion. This virtuous cycle of gross margin improvement and strategic SG&A reinvestment to drive sales and gross margin improvement is a core strategy that has allowed us to consistently deliver on our commitment of outgrowing the market while improving our financial performance.

Powerful Brands
In addition to delivering spectacular results in 2021, I have never been more optimistic about the future growth engines of the company. MILWAUKEE is the number one and fastest-growing global brand in the professional tool market, while RYOBI is the number one DIY tool and cordless outdoor power equipment brand worldwide. We have also expanded our best-in-class offering of MILWAUKEE professional cordless outdoor equipment, which is now the fastest-growing brand of cordless professional-grade outdoor products for landscapers and lawn and garden enthusiasts.

Cordless Leadership
We are laser-focused on developing advanced, demonstrably better and technologically superior cordless products. Our development process is driven by the end user’s needs from start to finish. As an example, when developing our new flagship RYOBI 80V HP Zero-Turn Riding Mower, we started from a blank canvas rather than working to “electrify” an existing petrol-powered product. This allowed us to optimize each critical component of the mower to maximize power and performance while adding new innovative features.

In addition to developing one runaway successful product after another, the network effect of our interchangeable battery systems compounds our growth trajectory. Every additional product we add to the system increases the value of the entire platform to our end customer. For example, the flagship MILWAUKEE M18 platform now has 251 products that run off the same M18 battery and is rapidly growing. This is attractive to new customers who gain access to a wide range of tools that run off the same powerful battery. It also creates a loyal customer base with access to a continuous stream of new products available as bare tools powered by batteries they already own. This is a key tenant of our cordless strategy and is deployed across all our TTI battery platforms.

Supply Chain Investments
In 2021, we continued to make bold investments in additional manufacturing capacity to support our future growth. Construction is currently underway on greenfield manufacturing sites in the US and Vietnam while we continue to invest in our world-class existing facilities across Asia, North America, and Europe. Our expanding global manufacturing footprint allows us to produce high-quality products with the flexibility to quickly react to changing environmental and geopolitical factors. All TTI sites worldwide adhere to the TTI OPEX philosophy of delivering world-class quality, driving increased productivity, and maintaining best-in-class service levels for our customers.

We have also strategically partnered with key suppliers to develop the latest technology. These close partnerships allow us to deliver on our internal mandate of disrupting our core products with next-generation models that have more power, compactness, longer life, or a multitude of other features. Our strategic suppliers did a magnificent job delivering advanced technology and steady component supply throughout 2021.

Exceptional People
We continued with our aggressive hiring plans in 2021, adding another 2,031 high-potential college graduates to our Leadership Development Program (LDP). Since its beginning over 14 years ago, this program has supported our growth by creating a pipeline of future leaders across the engineering, sales, marketing, purchasing, supply chain, manufacturing, and finance disciplines. Software and electronics engineering is an especially high focus, as we have augmented our R&D powerhouse with newly recruited engineers who drive technological advancements and accelerate the pace of our new product launches.

In addition to bolstering our workforce with high-potential college graduates, we’ve focused on further developing our high-performance culture across all levels and functions of the organization. The depth of our team has never been more impressive, with many of our LDP graduates leading functions across the organization with increasing levels of responsibility. The deep commitment and dedication of our highly talented team to users, customers, and distribution partners across the globe is a competitive advantage that powers our growth.

Geographic Expansion Success
Our breathtaking growth in the European theater exemplifies the power of our world-class management team. We have gone from a very small presence in Europe to a commanding cordless leadership and growth position. The European team’s success is a great example of the company’s ability to continue to grow outside the core US market. In addition to Europe, we have been able to achieve incredibly strong growth levels in Canada, Mexico, Australia/ New Zealand, and Asia. I am enormously impressed by the quality of our world-class team across the globe.

Sustainability
Our mission is to lead the industry in clean tech innovation, environmental sustainability, social responsibility, and ethical corporate governance. Sustainability best practices are embedded in all layers of the organization and across all functions. This year, we committed to reducing our absolute SCOPE 1 and SCOPE 2 Greenhouse Gas (GHG) emissions by 60% in 2030. Our team has rallied around this commitment and has started making excellent progress towards our goal. For example, we recently committed to a green energy initiative in the State of Wisconsin, powering our sites in the area with electricity generated from clean sources.

Another one of our leadership initiatives in sustainability is developing carbon and noise pollution-free battery-powered outdoor products. RYOBI has led the revolution away from noisy, petrol-powered outdoor equipment with a fleet of battery-powered lawn mowers, battery-powered snow blowers, and cordless handheld outdoor equipment. We have also launched a premium line of MILWAUKEE battery-powered professional-grade outdoor equipment, led by the flagship MILWAUKEE M18 FUEL 21” Self-Propelled Dual Battery Mower.

From raw material sourcing, manufacturing operations, supply chain, transportation, and new product development, I am incredibly proud of how our team has developed a core competency in sustainability. We firmly believe that our ability to grow as a company is closely linked to our ESG performance.

The Best is Yet to Come
In 2021, we dramatically outpaced the market and strengthened our global leadership position. Our bold investments in new product development, manufacturing, logistics, geographic expansion, and in-field marketing initiatives drove our growth and extended our position as industry leaders. While we are pleased with our 2021 performance, we firmly believe the next five years will be a tremendous period for the company’s sales and profit growth.

I want to thank our Chairman, Horst Pudwill, and Vice-Chairman, Stephan Pudwill for their bold leadership and unwavering support. We share a vision for sustainable global cordless dominance, and I am proud of being a part of a team that consistently outperforms the market. This is just the beginning of our journey, and I am confident that the best is yet to come.

Joseph Galli Jr
Chief Executive Officer
March 2, 2022
CEO’s Message (PDF)

Financial Highlights

12th consecutive year of
Record Revenue

34.6%↑

US$13,203 million
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Record Revenue

34.6%↑

Driven by increased strategic investments in

  • New product
  • Manufacturing capacity
  • Geographic expansion
  • Logistics
  • In-field marketing initiatives
13th consecutive year of
Gross Margin Improvement

54 bps↑

38.8% in 2021
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View Chart
Gross Margin Improvement

54 bps↑

14th consecutive year of
Record Profit

37.2%↑

US$1,099 million
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View Chart
Record
Profit

37.2%↑

 
EBIT

37.2%↑

US$1,192 million
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View Chart
EBIT

37.2%↑

US$1,192 million

EBIT margin improved by 17 basis points to 9.0%

 
Basic Earnings per Share

37.1%↑

US60.04 cents
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View Chart
Basic Earnings per Share

37.1%↑

US60.04 cents

Increased 37.1% over 2020 to US60.04 cents

 
Dividend per Share

37.0%↑

US23.81 cents
View Chart
View Chart
Dividend per Share

37.0%↑

US23.81 cents

Full-year dividend increased 37.0% against
US17.37 cents per share in 2020

Financial Highlights

  2021
US$'
million
2020
US$'
million
Changes
Revenue 13,203 9,812 +34.6%
Gross profit margin 38.8% 38.3% +54 bps
EBIT 1,192 868 +37.2%
Profit attributable to Owners of the Company 1,099 801 +37.2%
Basic earnings per share (US cents) 60.04 43.80 +37.1%
Dividend per share (approx. US cents) 23.81 17.37 +37.0%

Chairman’s Statement

“We are confident that our unrelenting bold vision, customer focus and business momentum will make 2022 another outstanding year and position TTI with exciting opportunities in the months and years ahead.”

Horst Julius Pudwill
Chairman

Chief Executive Officer’s Message

“While we are pleased with our 2021 performance, we firmly believe the next five years will be a tremendous period for company’s sales and profit growth.”

Joseph Galli Jr
Chief Executive Officer

Strategic Drivers

TTI is a global strategy-based organization. We have been diligent in researching and refining the key concepts for ongoing sustainability and growth. Early on, leadership identified four strategic areas that would drive our success: Powerful Brands, Innovative Products, Exceptional People and Operational Excellence.

The synergy in our four strategic drivers creates a culture of disruptive innovation and execution resulting in world-class, powerful brands. This dynamic structure of interconnectivity not only maximizes growth and improvement in every area of our company; but also, delivers the innovative, high-quality driven products needed by consumers and professionals around the world.

Powerful Brands
Innovative Products
Exceptional People
Operational Excellence

Financial Highlights

Trade Vertical Innovation:
Diversified and Disruptive

It all starts with the user. We don’t make assumptions. Instead, we set out to deliver disruptive innovation by getting out on the jobsite, alongside trade professionals, to understand their challenges – the frustrations, the needs, and previous limitations. We set out to completely rethink a solution with new-to-world technology and unparalleled levels of design and engineering. Whether it’s bringing cordless power to traditionally corded or gas products and manual activities, or advances to fundamental tools and equipment, MILWAUKEE’s focus is on working directly with users to help improve their productivity and safety.

TM

Cordless System

The MILWAUKEE M12 System continues to introduce innovative solutions that deliver portable productivity and performance. For example, the newly launched M12 23 Gauge Pin Nailer is the most compact cordless nailer on the market, combining precision and power to deliver the performance that professional carpenters and remodelers demand, without the hassle of a compressor hose or gas cartridge.

Cordless System

The MILWAUKEE M18 platform continued to grow with the launch of several best-in-class additions. The M18 FUEL 6, 9 and 12 Gallon Wet/Dry Vacuums bring unmatched performance, durability, and versatility to jobsite cleanup. By delivering 3.5 – 4.25 Peak HP, these vacuums outperform corded, while performing at a lower decibel level, resulting in a quieter and less harsh operation than competitive AC wet/dry vacuums. In addition to expanding into new product categories, we introduced next generation innovation in finish nailers, grinders and SDS-Plus hammers.

Cordless System

With the launch of the industrial MILWAUKEE MX FUEL Equipment System, we entered the multi-billion-dollar light equipment space. This platform’s disruptive cordless technology replaces traditional gas and corded power sources and has been well received by industrial users all over the world.

Outdoor Power Equipment

MILWAUKEE continues to expand its offering in the Outdoor Power Equipment category with the launch of the M18 FUEL 21” Self-Propelled Dual Battery Mower. Delivering best-in-class cut quality and more max torque than 200cc gas competitors, this mower meets the performance needs of the Landscape Maintenance professional. The M18 FUEL 21" Self-Propelled Dual Battery Mower brings innovation and industry-leading performance to battery-powered lawn mowers, and is a true testament to MILWAUKEE’s focus on investing in game-changing technology that truly delivers breakthrough solutions for users.

Power Tool Accessories

MILWAUKEE continues to drive success within the Masonry and Concrete accessory category. Our premium offering of concrete drilling and chiseling products for our users sets us apart from the competition. Our MX4 4-Cutter SDS Plus and SDS Max concrete drilling solutions allow users to drill through rebar with 5X the life vs. standard 2-cutter product. MILWAUKEE’s SLEDGE Self Sharpening Chisels stay sharper longer, delivering enhanced productivity to our users.

Oscillating Multi-Tool Blades is a rapidly growing category that has benefits for all types of end users. Pro-users have seen the benefits of our carbide teeth blades for longest life, as well as the widest range of applications and universal fit to all power tools. The new Universal Fit Titanium Enhanced Carbide Teeth Extreme Materials and Extreme Metal Blades are designed for use in the most extreme material cutting applications, and offer faster cutting performance and last up to 50X longer than standard bi-metal blades.

Storage

The revolutionary MILWAUKEE PACKOUT Storage System continues to expand to meet professional’s growing tool storage, transportation and organizational needs. New innovations to the system of over 45 interchangeable products include the PACKOUT Deep Organizer and PACKOUT Rolling Tool Chest.

Safety

MILWAUKEE is committed to keeping professionals safe on the job by offering 590+ solutions in the categories of hard hats, eye protection, hearing protection, high visibility vests, respirators, and work gloves. Each PPE solution has been developed with a deep understanding of user’s needs, allowing us to introduce needed innovations like high-dexterity gloves, helmets, and many more.

Financial Highlights

Setting the bar high

AS THE #1 DIY TOOL BRAND

RYOBI continues to lead the way as the #1 DIY Tool Brand in the world. It’s about the systems & platforms. The breadth of its line, coupled with the quality and value of its products, all compatible with a battery interface in place since 1996, make the RYOBI 18V ONE+ system the platform of choice for millions of pros, homeowners, and DIY’ers. For tackling more power demanding yardwork, the RYOBI 40V system now supports Outdoor Power Equipment capable of the toughest jobs without the need to plug-in or fill-up. Combining power with innovative design, the RYOBI WHISPER SERIES — its quietest range of products, gives users all the power without the noise. With the new RYOBI LINK Modular Storage System, users can easily organize, access, and transport all of these tools, with superior versatility and customization. Rounding out the RYOBI system family is the newest USB LITHIUM cordless platform, featuring a variety of compact and portable tools, all rechargeable via a USB-C port in the battery.

LIGHT DIY
HEAVY DIY/REMODEL
HOBBY/CRAFT & MAKER
STORAGE & ORGANIZATION
LAWN & GARDEN
TRANSPORTATION MAINTENANCE
LIFESTYLE & RECREATION
CLEANING

The RYOBI 18V ONE+ System features over 260 innovative product solutions, giving users the ultimate in versatility and selection to get the job done. With cordless lithium-ion technology, RYOBI powers through almost anything. From drilling, cutting, fastening and cleaning, to lighting, plumbing, trimming, mowing and clearing, the ONE+ system gives users The Power To Do More.

The RYOBI 40V System puts the power in your hands to tackle any job without having to plug-in or fill-up. With 75 innovative tools and counting, each product is engineered to deliver GAS-LIKE POWER for superior performance and fade-free runtime — from first cut to last. What’s more, RYOBI’s 40V lithium-ion battery fits every charger and powers every RYOBI 40V tool.

This year, RYOBI added the RYOBI 80V HP Lithium Zero Turn Riding Mowers to its extensive offering of mowers. These innovative riders deliver true gas performance and the equivalent of 35 horsepower by combining the power of premium brushless motors, advanced electronics, and 80V llithium-ion batteries. Innovative 40V Battery Ports allow users to extend runtime and tackle up to five acres, more terrain than ever before. The all new iDrive Intelligent Drive System delivers the precision and speed of traditional two-handed paddle drive ZTRs, with a single intuitive joystick control.

The RYOBI 40V HP WHISPER SERIES is its quietest range of Outdoor Power Equipment, allowing users to maintain their yards with the convenience of cordless, while kicking the can, noise and maintenance that come with traditional gas products. The RYOBI WHISPER SERIES combines 40V HP Technology with powerful brushless motors and innovative noise-reducing technology. The resulting products provide best-in-class performance and incredible power, while operating up to 85% quieter than comparable products.

RYOBI is quickly establishing itself as a leader in the Hobby/ Craft & Maker category with over 70 new innovative tools and accessories. This new line of product solutions allows users to more easily complete projects with thoughtful engineering and features that expand their creativity. The new offerings deliver enhanced capabilities with new rotary tools, crafting tools, cutting tools, and accessories for all users’ needs. Delivering solutions on the 18V ONE+ platform as well as the brand-new USB LITHIUM platform, RYOBI provides a new cordless product for any application at any skill level.

Cordless Cleaning

HOOVER Cordless Cleaning
Powered by the ONEPWR Battery

Leveraging the global success of TTI’s lithium-ion technology, HOOVER continues to advance home cleaning through the most diverse cordless cleaning portfolio in the category. From vacuums to spot cleaners to wet/dry vacuums, all cordless cleaning tools in the HOOVER portfolio works with the same ONEPWR interchangeable lithium-ion battery. So, for the user, switching from one task to another is as simple as switching the battery from one product to another. And with multiple batteries, users can always have at least one powerful battery charging while one is in use.

ONEPWR Means Many Options

The HOOVER Cordless System is powered by innovative, lithium-ion ONEPWR batteries available in several size, power and runtime options. The versatile ONEPWR batteries allow pairing the right size battery with the right products to fit customers’ cleaning habits. Where an 8Ah battery helps extend the runtime of a cordless vacuum, the lightweight 2Ah battery is more appropriate for a hand vacuum. The true benefit to the customer is owning multiple HOOVER cordless products and multiple ONEPWR batteries for extensive cleaning and runtime options.

Carpet Washing & Spot Cleaning

As a global leader in floorcare, HOOVER is continuously broadening the brand’s offerings well beyond vacuuming. Building from the success of the brand’s first two automatic Carpet Cleaners — SMARTWASH and SMARTWASH PET, HOOVER launched the PowerScrub XL full-size carpet cleaner and the HOOVER CLEANSLATE Carpet and Spot Cleaner in 2021. Both are indicative of HOOVER’s focus on the user. By focusing on consumers’ various carpet and spot cleaning needs, the innovative HOOVER Carpet Cleaners command a presence in the carpet washing category. The current portfolio offers more than 40 carpet and spot cleaners including compact, full-size and portable models, and continues to expand.

Cordless Cleaning

With the success of TTI’s lithium-ion technology, VAX continues to build market share in the UK with a significant offering of cordless cleaning products. With vacuums, spot and hard floor cleaners, all VAX cordless products work with the same ONEPWR interchangeable lithium-ion battery. So, for the user, switching from one task to another is as simple as switching the battery from one product to another. And with multiple batteries, users can always have at least one powerful battery charging while one is in use.

VAX Edge

Designed for versatile and adaptable cleaning around the home, VAX Edge Dual Pet & Car has been designed for be everything consumers know and love about a traditional corded upright vacuum – just without the cord. With two ONEPWR batteries for up to 100 minutes runtime, full-size performance and capacity, and the new VAX VERSACLEAN Technology floorhead to tackle debris on all floors, Edge Dual Pet & Car delivers the whole home big clean without the cord.

VAX Evolve

VAX ONEPWR Evolve Cordless Vacuum Cleaner has been designed for lightweight, quick cleaning – without the cord. With a more traditional upright form and large dirt bin capacity, it offers consistent effective performance, ideal for both carpets and hard floors.



Carpet Washing & Spot Cleaning

As the UK’s number 1 brand in carpet washing, VAX is continuing to broaden authority in the space of full-size carpet cleaners by launching the brand-new VAX RAPID POWER 2 range. Focusing on user satisfaction of performance and ease of use. Whilst the spot washing category continues to grow and gain momentum in the UK, VAX is leveraging the market leading position in carpet washing by launching the VAX SPOTWASH Home Duo spot cleaner to an innovative and expanding portfolio.

Carpet Washing

Following the huge success of the VAX PLATINUM SMARTWASH Carpet Cleaner in 2021, the UK’s first carpet washer with Motion Sense technology, VAX is launching the RAPID POWER 2 range — bringing the product portfolio up to 12. By focusing on large capacity and specialist tools — users can deep clean with ease, and with fewer interruptions.

Spot Cleaning & Formulas

The new VAX SPOTWASH Home Duo is the must have cleaning companion; it easily removes spills, stains and pet messes in the home and car. With dedicated cleaning tools such as the Extra-Wide 2-in-1 tool for bigger spills and stains, and antimicrobial protection on the cleaning attachments, it gives a reassuring, deep clean. Adding to VAX’s range of specialist, deep cleaning formulas the new VAX Antibacterial Spot Cleaning Formula is a solution that tackles stubborn stains with ease, kills bacteria and helps neutralize pet odors.

Management’s Discussion & Analysis

Review of Operations

Power Equipment

Sales
37.0%↑ US$12.0b
Operating Profit
37.8%↑ US$1.2b
90.6%
of Total Revenue
Our Power Equipment segment delivered sales growth of 37.0% to US$12.0 billion. We grew operating profit 37.8% to US$1.2 billion while making investments to extend our leadership position in the Professional and DIY Tool markets. Based on the wide international reach of our brands, we believe MILWAUKEE is the #1 global Professional Tool brand, and RYOBI is the #1 DIY Tool brand worldwide. More importantly, both MILWAUKEE and RYOBI are the clear leaders in the cordless market, with a commanding and growing global position.

Review of Operations

Floorcare & Cleaning

Sales
14.8%↑ US$1.2b
Operating Profit
18.7%↑ US$29.2m
9.4%
of Total Revenue
Our Floorcare and Cleaning business accounted for 9.4% of TTI total sales, increasing 14.8% to US$1.2 billion, while generating US$29.2 million of operating profit, up 18.7% from 2020.These results reflect our disciplined efforts to produce best in class cordless and carpet washing cleaning products.

Environmental, Social and Governance Sustainability Highlights

#ENVIRONMENT

60% Reduction Target

Setting a 60% greenhouse gas (GHG) emission reduction target for Scope 1 and 2 against our baseline year of 2021

Climate Risk Assessment

Expanding climate risk assessment to more effectively determine and implement mitigation and adaptation measures

Tools Refurbished

Refurbishing or repairing 1.3 million tools to reduce waste

#GOVERNANCE

Added Two Female Directors

Bolstering the strength of our Governance Structure, TTI appointed Ms. Virginia Davis Wilmerding and Ms. Caroline Christina Kracht to our Board, bringing extensive corporate experience, international management, and ESG specializations

Sustainability Functions

Establishing sustainability functions at the corporate, regional and business unit levels

Better Mining Initiative

Becoming a founding member of the Better Mining Initiative

Back

Intellectual Property

All trademarks and trade names listed other than AEG and RYOBI are owned by the Group.

AEG is a registered trademark of AB Electrolux (publ.), and is used under license.

RYOBI is a registered trademark of Ryobi Limited, and is used under license.