Brookfield-based Milwaukee Tool grew its sales 10.7% in local currency in 2023, according to the annual report from its parent company Hong Kong-based Techtronic Industries (or TTI). That puts Milwaukee Tool’s annual revenue at around $8.9 billion based on prior disclosures. Milwaukee Tool has seen a compound annual growth rate of 22% since 2010. Sales
Brookfield-based Milwaukee Tool grew its sales 10.7% in local currency in 2023, according to the annual report from its parent company Hong Kong-based Techtronic Industries(or TTI).
That puts Milwaukee Tool's annual revenue at around $8.9 billion based on prior disclosures.
Milwaukee Tool has seen a compound annual growth rate of 22% since 2010.
Sales of Milwaukee Tool products in North America grew 10% in 2023, while sales in Europe and the rest of the world grew 14% and 13% respectively.
TTI is projecting continued double-digit growth for Milwaukee Tool for at least the next five years.
One of Milwaukee Tool’s biggest opportunities for continued growth lies within the data center market, according to Steve Richman, senior group president at Milwaukee Tool.
The U.S. data center construction market is anticipated to grow at a compound annual growth rate of 6% from now to 2028, according to data from the market research firm Arizton Advisory and Intelligence.
“The thing people do not understand is data centers were not designed for AI,” said Richman. “That means you need more cooling, more space, more expansion to be able to do that. Every current data center throughout the world needs to be refurbished.”
As those data centers are being refurbished by mechanical and electrical workers, Milwaukee Tool will have a greater opportunity to sell more batteries and tools.
Milwaukee Tool is purposefully targeting end users in the core trades by designing products integrated with modern technologies like artificial intelligence. The aim of these products is to make trade work as efficient as possible, according to Shane Moll, group president, power tools and equipment, at Milwaukee Tool.
[caption id="attachment_587252" align="alignleft" width="300"] Milwaukee Tool torque wrench. Image courtesy of Milwaukee Tool.[/caption]
For example, Milwaukee Tool has launched what Moll called the industry’s first powered torque wrench. The wrench uses Milwaukee Tool’s One Key Internet of Things (IoT) technology.
“Designed specifically for the thriving data center market, this is able to provide up to 50% faster application speed and precision torque accuracy to within 2% for critical torque fastening required on data center projects,” said Moll.
The One Key cloud technology provides the owner of a data center with a record of the installation process.
Milwaukee Tool has also introduced RedLithium Forge charging technology, which leverages advanced cell technology and a new pack design to give users the fastest charging time and longest battery life possible. The company expects to introduce more RedLithium Forge battery technologies later this year.
AI technology is already being used in some of the company’s drills, which can predict and prevent over-rotation injuries that commonly occur on job sites. The drills include an auto-stop feature powered by AI.
“Leveraging internal dedicated artificial intelligence resources in addition to our high-power embedded electronics and internally developed machine learning algorithms, we are putting AI functionality into the hand of our users,” said Moll.
He emphasized how important the outdoor power equipment category will continue to be for Milwaukee Tool. The category is worth more than $15 billion globally and Moll said the company has yet to truly penetrate the market with its cordless equipment.
