King Of Power Drills’ Becomes Billionaire As Sales Soar Amid Covid Lockdowns

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King Of Power Drills’ Becomes Billionaire As Sales Soar Amid Covid Lockdowns

Roy Chung meets the media at a press conference at the Hong Kong Convention and Exhibition Centre. Roy Chung, a cofounder of power tools maker Techtronic Industries (TTI), has joined the ranks of the world's billionaires with an estimated net worth of $1. 1 billion, thanks to the recent rally in the company's shares. Techtronic, which is known for its Milwaukee and Ryobi brand of cordless power tools, has seen its shares soar 244% since March last year as Covid-19 tilted the global economy into recession. Lockdowns aimed at slowing the spread of the illness proved to be an unexpected boost for the company: Consumers who were confined to their homes decided it was a good time to spruce up their surroundings with repairs and improvements, fueling demand for TTI's line of tools and supplies. "We are positioned to capitalize on the many growth opportunities we have identified in the months and years ahead," Pudwill, who is currently chairman of the company, said in a statement after Techtronic released its latest financial report. Chung, nicknamed "The King of Power Drills" by local media, retired from his executive role at TTI in 2011, and now is said to be focusing on