Key Stats
Milwaukee Tool, officially Milwaukee Electric Tool Corporation, is owned by Techtronic Industries (TTI), a Hong Kong-based multinational traded on the Hong Kong Stock Exchange (stock code 0669.HK). TTI acquired Milwaukee in 2005 from Atlas Copco for approximately $626.6 million.
Today, Milwaukee operates out of Brookfield, Wisconsin, with over 21,000 employees worldwide. The company is best known for its M18 and M12 cordless battery platforms. In H1 2025, Milwaukee achieved sales growth of 11.9% in local currency, continuing a decade-long streak of double-digit annual gains. Milwaukee also manufactures hand tools, tool storage, and PPE across factories in the U.S., China, Mexico, Vietnam, and Germany.
Who Owns Milwaukee Tool?
Milwaukee Tool is 100% owned by Techtronic Industries Company Limited (TTI). It is not independent or publicly traded. Every aspect of Milwaukee’s ownership sits under TTI’s corporate umbrella.
TTI as Milwaukee’s Parent Company
TTI was founded in 1985 by German entrepreneur Horst Julius Pudwill and Prof. Roy Chi Ping Chung. The company is publicly traded on the Hong Kong Stock Exchange and became a Hang Seng Index constituent in 2019. TTI reported total annual revenue of US$14.6 billion in 2024, with Milwaukee contributing the largest share. TTI’s brand portfolio also includes Ryobi, AEG, Hoover, and Dirt Devil, but Milwaukee remains the flagship brand for professional and industrial markets.
Who Is on the Board of Directors for Milwaukee Tool?
Because Milwaukee is a wholly owned subsidiary of TTI, it does not maintain a separate public board. Strategic decisions about Milwaukee are governed by TTI’s board, which consists of six executive directors and eight independent non-executive directors.
Executive Leadership and Strategy
Horst Julius Pudwill, aged 80, has served as TTI’s Executive Chairman since co-founding the company in 1985. He focuses on strategic planning and has oversight of all operations, including Milwaukee. His son, Stephan Horst Pudwill, aged 48, is Executive Vice Chairman. Stephan joined TTI in 2004 after working at Daimler Chrysler AG and became vice chairman in 2016.
CEO: Steven P. Richman
Steven Philip Richman became TTI’s Chief Executive Officer in May 2024, succeeding Joseph Galli Jr. Richman previously served as President of Milwaukee Tool for 17 years, during which the brand achieved double-digit compounded annual revenue growth. He holds a BA from UCLA and has over 35 years of industry experience, with prior positions at Black & Decker and Bosch Power Tools.
Operations and Finance Directors
Patrick Kin Wah Chan has been an executive director since 1990 and oversees TTI’s global manufacturing operations. Frank Chi Chung Chan, the Group CFO, joined in 1991 and manages corporate affairs and financial reporting. Camille Jojo, a Hong Kong-based lawyer with over 40 years of practice, also sits on the board.
Independent Non-Executive Directors
TTI’s board includes eight independent directors who provide external oversight. Peter David Sullivan, former CEO of Standard Chartered Bank (Hong Kong), chairs the Audit Committee. Robert Hinman Getz, founder of Pecksland Capital, chairs the Remuneration Committee and serves as Lead Independent Non-Executive Director. Other independent members include Johannes-Gerhard Hesse, Virginia Davis Wilmerding, Caroline Christina Kracht, Andrew Philip Roberts, Karen Ka Fai Ng, and Stephen Tsi Chuen Wong.
History of Milwaukee Tool and Its Co-Founders
The Hole-Shooter and Early Years
Milwaukee’s origins trace back to 1918, when A.H. Petersen developed the Hole-Shooter, a lightweight quarter-inch power drill commissioned by Ford Motor Company. In 1922, Petersen and Albert F. Siebert co-founded the A.H. Petersen Company. A fire in 1923 destroyed the business, but Siebert purchased the remaining assets and incorporated Milwaukee Electric Tool Corporation in 1924.
Growth Through the 20th Century
By the 1930s, Milwaukee was supplying the U.S. Navy with portable electric drills and expanding into grinders, sanders, and electric hammers. The Sawzall reciprocating saw launched in 1951 and became one of the brand’s most recognized products. In 1965, the company relocated to Brookfield, Wisconsin, which remains its headquarters.
Ownership Changes Before TTI
Milwaukee changed hands multiple times: Amstar acquired it in 1976, followed by Merrill Lynch in 1986 and Atlas Copco in 1995. TTI purchased Milwaukee in 2005, gaining a strong foothold in the professional power tool market along with Milwaukee’s patented technology and U.S. manufacturing base. A similar pattern of ownership changes has shaped competitors like Stanley Black & Decker, which houses the rival DeWalt brand.
Largest Shareholders of Milwaukee Tool
Since Milwaukee is entirely owned by TTI, its indirect shareholders are TTI’s stockholders. TTI trades on the Hong Kong Stock Exchange, and ownership is split between a founding family, institutional investors, and public shareholders.
Pudwill Family (~25% Stake)
The Pudwill family is the single largest shareholder group in TTI. Horst Julius Pudwill and his family control approximately 25% of TTI’s equity through holding companies, including Sunning Inc. This gives the family significant influence over all TTI brands, Milwaukee included. Horst co-founded TTI in 1985, and his son Stephan now serves as Executive Vice Chairman.
Institutional Investors
BlackRock, Vanguard Group, and JPMorgan Asset Management all maintain notable positions in TTI. These institutional holders do not exercise day-to-day control but wield influence through voting rights on major corporate decisions. The majority of institutional ownership comes from North American and European firms.
Public Shareholders
As a constituent of the Hang Seng Index since 2019, TTI attracts a wide base of retail investors through the Hong Kong Stock Exchange. TTI’s ADRs also trade on Nasdaq under the symbol TTNDY, giving U.S.-based investors direct access. This public float means that anyone with a brokerage account can indirectly own a piece of Milwaukee Tool by purchasing TTI stock. Milwaukee products are widely available through retailers like Home Depot and independent distributors.
Estimated annual revenue (USD). Source: TTI financial reports.
Approximate ownership distribution of Techtronic Industries.
FAQs
Who owns Milwaukee Tool?
Milwaukee Tool is owned by Techtronic Industries (TTI), a Hong Kong-based multinational. TTI acquired Milwaukee in 2005 from Atlas Copco for $626.6 million. It operates as a wholly owned TTI subsidiary.
Is Milwaukee Tool an American company?
Milwaukee was founded in 1924 in Wisconsin and keeps its headquarters in Brookfield. Its parent company, TTI, is based in Hong Kong, so ownership is foreign while operations remain largely American.
Are Milwaukee and DeWalt owned by the same company?
No. Milwaukee is owned by TTI, while DeWalt belongs to Stanley Black & Decker. They are direct competitors in the professional power tools space.
Who is the CEO of Milwaukee Tool?
Steve Richman led Milwaukee Tool as president for 17 years before being promoted to CEO of TTI (Milwaukee’s parent company) in May 2024, succeeding Joseph Galli Jr.
Where are Milwaukee tools manufactured?
Milwaukee tools are made in the U.S. (Wisconsin, Mississippi), China, Mexico, Vietnam, and Germany. Design and engineering are based at the Brookfield, Wisconsin headquarters.
