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In 2022, Techtronic Industries (TTI) demonstrated its impact, not only through solid financial performances but also through sustainable commitments when it decreased emissions intensity by 4% resulting in a total reduction of 6000 tonnes of CO2 emissions.

Continue the global cordless leadership position

According to TTI's 2022 annual report, TTI's revenue in 2022 was over USD 13 billion, while the gross profit margin increased to 39.3%. Besides, TTI also made its mark with activities committed to sustainable development and devotion to the local community.

This result was made possible by TTI’s Power Equipment business, which represented 93.0% of total sales, and grew 5.5% in local currency. MILWAUKEE, TTI’s flagship brand and the fastest-growing brand in the professional cordless power tool market, grew 21.8% in local currency.

The above growth is also the result of TTI's success in its operational excellence and geographic expansion, which helped the company’s extension of a global cordless leadership position in the market. From 2020 to 2022, TTI has successfully diversified its manufacturing footprint into Vietnam, Mexico, and the US. As a result, despite widespread disruptions in the global supply chain, TTI continues prevailing by improving efficiencies, accelerating speed-to-market, and maximizing flexibility.

TTI has also made significant progress in developing cordless products with zero emissions and noise pollution while reducing the carbon footprint in its manufacturing processes. In 2022, TTI improved emission intensity by 4% which resulted in a total reduction of 6,000 tones of CO2 emissions. TTI officially signed the Science Based Target Initiatives (SBTi) commitment letter on March 24, 2023. This action aligns the company with the mission of the Paris Agreement and shows TTI’s dedication to reaching the emission reduction target of 60% reduction in Scope 1 and Scope 2 GHG Emissions by 2030.

Mr. Stephan Horst Pudwill, Vice Chairman of TTI, shared in the ESG report: “Sustainable development is an integral part of TTI’s business and is positively accretive to our business performance and risk mitigation, and we are well-positioned to continuously improve ESG management and achieve our strategic ESG targets.”

Commitment and responsibility to the local community

TTI commenced operations in Vietnam in August 2018. Until now, TTI has developed an operational footprint across the country with more than 9.000 labors (as of December 2022), 8 manufacturing facilities, a representative office in Ho Chi Minh City, and the Milwaukee Heavy-Duty Centers in Ho Chi Minh City and Hanoi. All of TTI’s business divisions, namely Industrial

Power Tools, Consumer Power Tools, Outdoor Products, Floorcare & Cleansing have operations in Vietnam.

TTI sees Vietnam as a place where it will make a long-term connection and share responsibility with the community. Therefore, the company always set business goals along with social responsibility to create positive impacts and contribute to sustainable development for Vietnam.

One of the most noteworthy aspects of TTI's efforts is its contribution to community development. TTI is committed to reducing carbon emissions in the production process, reflected in the project to build a modern LEED-certified production facility in Saigon Hi-Tech Park (SHTP). TTI is also collaborating with local suppliers to implement numerous initiatives to protect the environment through responsible resource use.

The connection with the community is also reflected in the projects for the community that TTI has carried out over the years. One of these initiatives is the partnership between Habitat for Humanity and TTI to provide housing support, WASH facilities, and disaster relief to vulnerable communities in Go Cong and Tien Giang in 2020 - 2021. In 2022, TTI and Habitat for Humanity kickstarted a project to extend support to improve health, living environment, and climate change for the ethnic minority communities in Thai Nguyen and Tien Giang. By the end of October 2023, the program will equip 100 families with new houses and WASH facilities. Over 150 students will enjoy a new latrine. Training workshops and communication campaigns under the program will help almost 1580 people increase their knowledge and skills on how to build a safe house and safeguard their families’ hygiene and health./.