I am pleased to present the Techtronic Industries (TTI) Environmental, Social, and Governance (ESG) report for 2024. TTI continues to lead the industry in advancing cordless battery-powered technology with reduced reliance on traditional fuel sources across power equipment, outdoor products, and floorcare and cleaning solutions.

Our unwavering commitment to innovation, sustainability, and excellence drives us to design products that prioritize user safety, reduce emissions and noise pollution, enhance energy efficiency, and improve ergonomics – all while exceeding user needs and expectations. These principles drive our leadership in sustainable solutions and shape every facet of our business.

Sustainable Products

TTI’s products are engineered to deliver demonstrably superior performance while implementing sustainable design principles.

Our focus on integrating sustainability into our product design ensures that our products not only meet the high standards of performance, but also contribute to reducing our environmental impact. Through advanced cordless platforms and battery technologies, we empower users to achieve outstanding results while supporting a more sustainable and environmentally responsible future. Some key areas to highlight include:

Energy Efficiency – We are committed to providing energy-efficient solutions for our customers by introducing innovations that reduce waste arising from single-use consumption and promote long-term sustainability. A notable example of this effort is our RYOBI USB Lithium-Ion platform, which can replace up to 2,000 alkaline batteries.
Dust Management: To address the risks linked to silica exposure, we introduced our MILWAUKEE M18 FUEL PACKOUT 9 Gallon Dual-Battery Dust Extractor with VACLINK. This innovative dust control solution is engineered for safety and productivity. Designed to comply with the Occupation Safety and Health Administration’s (OSHA) regulation on respirable silica dust standard, it significantly improves worksite safety while ensuring optimal operational efficiency.
Vibration and Noise – Repeated exposure to vibration and noise remains a significant concern across jobsites, contributing to conditions such as Hand-Arm Vibration Syndrome and noise-induced hearing loss. Our MILWAUKEE M18 FUEL 16” String Trimmer delivers significantly less vibration than gas-powered alternatives – 2.2 m/s² compared to gas at 8.4 m/s².
Personal Safety Solutions – We continue to prioritize user protection through advanced Personal Protective Equipment (PPE) designed for both safety and versatility. The new MILWAUKEE BOLT Safety Helmet, featuring the IMPACT ARMOR Liner, delivers superior head protection against slips, trips, and falls, enhancing safety while maintaining comfort and durability for diverse jobsite demands.

Environment

Our commitment to environmental stewardship remains central to TTI’s strategy, and 2024 marks another year of significant achievements.

We are pleased to share the results of mapping our Scope 3 emissions along with our intensity reduction targets for Categories 1 (Purchased Goods & Services) and 4 (Upstream Transportation). For these Categories, we are focused on reducing our emission intensity as a percentage of revenue on a year-over-year basis. At this time, we feel these are the areas where we have the greatest direct influence and potential for impact. This is just the beginning of our broader commitment to emissions management across our value chain.

Social

Our commitment to developing our people is evident through initiatives like our Leadership Development Program, which has been central to our success for the past 18 years. The program’s impact has extended across the organization, inspiring similar initiatives in other departments and fostering a strong culture of leadership growth. We remain dedicated to recruiting, developing, and advancing top talent into leadership roles while equipping them with the tools and resources needed for both professional and personal growth.

We recognize that our success is built on the strength and safety of our people and communities. We have maintained a work-related injury rate below 1.0 and achieved reductions in both work-related and high-consequence injuries for a number of years, reinforcing our ongoing commitment to workplace safety.

Our support extends beyond our operations through tool donations and direct financial contributions, reflecting our dedication to fostering a safe, inclusive, and collaborative environment within our organization and the communities we serve.

Governance

Effective governance is the foundation of our sustainable business practices, ensuring accountability, transparency, and long-term value creation. I am excited about the appointment of Steven P. Richman to the position of Chief Executive Officer (CEO). Mr Richman has been with TTI over 17 years and was previously leading our MILWAUKEE business to be an industry leader in cordless battery-powered equipment. In Mr Richman’s first year as CEO we signed the United Nations Global Compact, reinforcing our dedication to sustainability and social responsibility. This commitment aligns us with universally recognized principles in the areas of human rights, labor, the environment, and anti-corruption.

We also continued to strengthen our governance structure by upholding global standards and frameworks, reporting in accordance with the Global Reporting Initiative (GRI) Standards, and aligning our disclosures with the Sustainability Accounting Standards Board (SASB) Standards, and the recommendations of the Task Force on Climate related Financial Disclosures (TCFD). Our initiatives also align with the United Nations Sustainable Development Goals (UNSDGs).

In 2024, two Independent Non-executive Directors joined our Board, including a female appointee, increasing the Board’s female representation to 21% from 15% in the prior year. This addition also strengthened the proportion of Independent Non-executive Directors, rising to 57% from 46% year over year.

As we continue to advance our ESG initiatives, I am confident in TTI’s ability to lead the industry while contributing to a more sustainable future. Our achievements are a testament to the talent and dedication of our teams worldwide. Together, we will forge ahead with purpose, innovation, and unwavering commitment to creating long-term value for our stakeholders.

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