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

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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 oÂn 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 oÂne 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 oÂn the Hong Kong Stock Exchange in 1990, achieving double-digit growth for nine consecutive years. TTI is oÂne of the constituent stocks oÂn 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. ir@tti.com.hk

CONTACT: Yammie Tang of Techtronic Industries Co. Ltd., ir@tti.com.hk

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