21st century
In 2002, Master Lock released its Titanium Series of padlocks, the first major redesign in fifty years. The goal was to add design variety and aesthetic value to the utilitarian functionality of their locks. The lock mechanism has titanium reinforced steel, with a stainless steel body. A shroud covers parts of the stainless steel, allowing the locks to come in different colors.[10] Master Lock requested that the designer locks be stocked in departments outside the hardware section of retailers.[11] In 2003, the company acquired Illinois based American Lock and all their intellectual and material property.[12]
In 2010, Master Lock began offering a password manager service called Master Lock Vault that includes a web site and associated software applications for use on various devices.[13] In 2011, Fortune Brands spun off Master Lock as part of Fortune Brands Home & Security.[14]
In January 2011, it was announced that about 36 jobs were being returned from China to the Milwaukee plant, which would increase the number of positions at the plant to 379.[1][8] Most of the added jobs were for making combination locks, subassemblies and keys.[1] It was reported that the company would also continue to contract with three Chinese factories and about twenty Chinese suppliers, and operate its maquiladora near the Arizona border, where Mexican workers perform non-automated labor-intensive work such as assembling made-in-Milwaukee components.[1][15]
In February 2012, U.S. President Barack Obama visited the Master Lock headquarters in Milwaukee, Wisconsin and lauded the company's recent return of jobs from overseas locations.[16] As of that time, it was reported that the company had returned about 100 jobs from overseas during the preceding two-year period.[16] In 2012, Master Lock introduced a line of combination padlocks called the dialSpeed.[17] The dialSpeed lock is battery-operated, has a lit face, and features multiple user-programmable combinations. It has a master unlocking code that can be accessed through the company web site.[17] In 2014, Master Lock acquired SentrySafe for $117.5 million.[18]
In May 2023, Master Lock announced its Milwaukee plant would be closing.[19] They completed the closure in March 2024.[9] In the process, they laid off over 300 employees.[20]
