TTI Signs Agreement to Acquire Milwaukee(R), AEG(R) and DreBo(R) From Atlas Copco AB

TTI Signs Agreement to Acquire Milwaukee(R), AEG(R) and DreBo(R)
From Atlas Copco AB


Acquisition bolsters TTI's global brand portfolio

HONG KONG, Aug. 30 /Xinhua-PRNewswire-FirstCall/ -- Techtronic Industries Co.
Ltd. ('TTI') (HKEx stock code 669; ADR symbol: TTNDY) today announced that it
entered into a stock purchase agreement to acquire Atlas Copco AB's electric
power tool and accessories business, currently conducted through Milwaukee
Electric Tool Corporation and Atlas Copco Electric Tools GmbH and certain other
entities under the brand names 'Milwaukee(R)' and 'AEG(R).' The net cash
consideration for the purchase is US $626.6 million on a debt- free basis,
consisting of a total pre-adjustment purchase price of US$712.8 million less an
agreed pre-closing adjustment of US$86.2 million.

The transaction, which is subject to regulatory clearances and customary
closing conditions, is expected to close prior to the end of 2004.

Mr. Horst J. Pudwill, Chairman and CEO of TTI said, 'We are pleased to add the
Milwaukee(R) and AEG(R) brands of power tools and DreBo(R) carbide drill bits
to our growing family of global brands.  With their 80-year histories,
Milwaukee(R) is one of the most widely respected brands in the professional
contractor market segment and in Europe, AEG(R) brings an additional highly
respected brand to our portfolio. This acquisition takes advantage of our
marketing and distribution networks and enhances our reach into the
industrial/construction channel and power tool accessory market. The TTI Group
is confident in its ability to continue generating strong double- digit returns
for its shareholders.'

  For details, please see our release and announcement at
http://www.ttigroup.com/ .

  About TTI


Founded in 1985, TTI is a leading manufacturer and supplier of home improvement
and floor care products, employing over 16,000 people worldwide. TTI's global
brand portfolio includes Ryobi(R) power tools, Homelite(R) and Ryobi(R) outdoor
power equipment, Royal(R), Dirt Devil(R), Regina(R) and VAX(R) floor care
appliances. The company has enjoyed continuous growth since its listing on the
Hong Kong Stock Exchange in 1990, achieving double-digit growth for nine
consecutive years. TTI is one of the constituent stocks on the Hang Seng HK
MidCap Index under the Hang Seng Composite Index, the MSCI Hong Kong Index, the
FTSE All-World Hong Kong Index and the FTSE/Hang Seng Asian Cyclical Index. For
more information, please visit http://www.ttigroup.com/ .

   Contact:
   Yammie Tang
   Techtronic Industries Co. Ltd.
   

DATASOURCE: Techtronic Industries Co. Ltd.



CONTACT:  Yammie Tang of Techtronic Industries Co. Ltd.,  



Web site:  http://www.tti.com.hk/ 

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