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Batteries power Techtronic's blue-chip dream

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Power tool maker Techtronic Industries expects lithium ion batteries to be a key profit earner this year, as it makes known its desire for blue-chip status on the Hong Kong stock exchange.

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Techtronic Industries is focusing on sales of 28-volt lithium ion power tool batteries produced by its new Milwaukee tool division, according to company chairman Horst Pudwill.

The company was the only global producer of 28-volt lithium ion batteries, he said.

Most tool batteries yield up to 18 volts and are double the size of the Milwaukee product, he said.

The group completed its acquisition of three global brands - toolmakers Milwaukee, Ryobi and AEG - in January, Mr Pudwill said.

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Announcing the group's annual results for last year, Mr Pudwill said he was 'very optimistic' about prospects for this year, but 'the challenge is to stay ahead with innovations'.

Mr Pudwill said that in light of its recent acquisitions, the group was considering moving some production lines to other Asian countries and the United States from the mainland.

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