After a distinguished career and with over two decades at Smeg, Mike Giddings has handed over as Smeg UK & Ireland MD to Daniel Hadley.
With 16 years of experience working for blue chip organisations, Daniel has joined Smeg from Dyson where he led the sales team across the Middle East and Africa. Before his move to the Middle East, Daniel led the UK retail sales team.
Monthly Archives: April 2024
Arçelik Completes Acquisition of Whirlpool’s Moroccan and UAE Subsidiaries
Arçelik, consumer brand Beko’s parent company, completes acquisition of Whirlpool’s MENA operations, marking a significant milestone in its growth strategyThrough this transaction, Arçelik now owns Whirlpool’s UAE and Morocco entities and manages Whirlpool’s MDA business operations in the MENA region
By combining its deep industry expertise with Whirlpool’s invaluable know-how, regional infrastructure and market presence, Arçelik will work to solidify and expand its footprint in the region
The brands we will offer in the MENA market through such acquisition are Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht, Privileg and Ignis
Breville Launches Its First Sparkling Beverage Product, the InFizz™ Fusion,
Global premium kitchen appliance brand, Breville®, announces the official nationwide launch of the InFizz™ Fusion, its first sparkling beverage maker. The brand’s latest innovation can carbonate a variety of different beverages, including fresh juices, wine, alcohol, coffee and tea, in addition to water, to open up the possibilities for consumers to enjoy and experiment with refreshing, fizzy drinks this spring and summer.Over the past 90 years, Breville has grown to become an iconic global brand, delivering innovative kitchen appliances including award-winning home coffee machines, to over 70 countries around the globe. The company goes to market as the Sage® brand in Europe, and as the Breville® brand in the rest of the world. Breville enhances people’s lives through the delivery of brilliant innovation and thoughtful design based on deep consumer insights, empowering people to do things more impressively or easily than they’d thought possible in their own homes and ultimately, allowing them to Master Every Moment
Record profits and margins for Midea in 2023
Midea Group closed 2023 with an 8.1% growth in turnover, reaching 373 billion yuan (around 48 billion euros) and above all a boom in cash flow: + 67% and in profits: + 14% at 33.7 billion yuan (4.3 billion euros). The gross margin of the Chinese group is in fact around 26-27%. Sales increased both in China (+9.9%) and in the rest of the world (+5.8%). Midea exported 151 billion yuan (19.5 billion euros).
Midea has 45% of the world air conditioning compressor market and is a leader in the Chinese washing market but is increasingly present in advanced technological sectors such as industrial automation and green technologies.Midea products have been exported to more than 200 countries and regions around the world, and the company continues to expand its production facility abroad, promoting the construction of production centers in Indonesia, India, Thailand, Brazil, Mexico, Italy , Egypt
Miele Canada Continues Forest Preservation
Premium domestic appliance manufacturer Miele Canada is pleased to kick off its third annual Miele Forest initiative, which helps preserve and restore Canada’s rich forest ecosystem. Between April 1 and June 30, 2024, every Miele dishwasher purchased in Canada directly contributes to protecting and planting trees in Canadian forests. The Miele Forest initiative brings the brand’s core sustainability value to life by making an impact today and for generations to come
Whirlpool Corporation Completes Major Milestone
Whirlpool Corporation today announced the completion of its transaction with Arçelik A.Ş (“Arcelik”). This marks a significant step in Whirlpool’s portfolio transformation and is expected to provide considerable opportunities to maximize value.
The transaction creates a new European appliance company by combining Whirlpool Corporation’s European major domestic appliance business with Arcelik’s major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses. Whirlpool Corporation now owns 25 percent of this new entity, called Beko Europe B.V., and Arcelik owns 75 percent¹. Whirlpool Corporation is retaining ownership of InSinkErator and its EMEA KitchenAid small and major domestic appliance business. Separately, Whirlpool also completed its previously announced sale of Whirlpool’s Middle East and Africa business to Arçelik A.Ş.Beko Europe B.V. will have combined revenue of approximately €5.5² billion based on 2023 results. The company will be well-positioned to deliver value to consumers through attractive brands, sustainable manufacturing, product innovation and consumer services.
The transaction is expected to deliver more than $750 million in net present value of future cash flow value, in addition to unlocking $200-$300 million of incremental free cash flow in 2025. Additionally, Holger Gottstein and Gilles Morel, two members of Whirlpool Corporation’s Executive Committee, will be appointed to the board of directors of Beko Europe B.V.
Whirlpool Corporation will focus on its strong positions in the Americas and India, with its No. 1 share position in the major domestic appliance businesses for both North and South America. Additionally, new products, including those from the higher-margin KitchenAid small domestic appliance business, are expected to continue to be a key driver for share and profit growth
Farewell to Roberto Bertazzoni (Smeg)
On March 31, Roberto Bertazzoni died at the age of 81. He had been at the helm of Smeg as president and CEO since the 1970s , now directed by his son Vittorio. Appointed Cavaliere del Lavoro in 1993, Roberto Bertazzoni was the protagonist of the industrial epic that led the Smalterie Metallurgiche Emiliane Guastalla founded by Roberto’s father in 1948 to become a multinational with around 2,600 employees and a turnover of 900 million. The funeral on Tuesday 2 April in the cathedral of his Guastalla
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