Electrolux Group will set a provision of approximately SEK 650m in connection to the previously reported investigation of alleged breaches of antitrust rules in France between 2009 and 2014. A minor part of the provision relates to settlement of another legal matter in Europe. The provision will be reported as a non-recurring item affecting operating income for Business Area Europe in the second quarter of 2023.
As previously disclosed in press releases and annual reports, Electrolux Group became in 2013 the subject of an investigation by the French Competition Authority regarding possible violations of antitrust rules. The Competition Authority thereafter decided to conduct two separate investigations of which the first, relating to the period 2006-2009, was completed in December 2018.
The provision communicated today relates to the second investigation. In February 2023, the Competition Authority issued a Statement of Objections involving various parties within the home appliance sector and where Electrolux France was alleged to have acted in breach of antitrust rules in France between 2009 and 2014.
A settlement has now been agreed with the Competition Authority and Electrolux Group is therefore in accordance with accounting principles setting this provision. The final amount will be decided at the end of the procedure.
Category Archives: Brand’s
Bora iconic building
BORA is committed to innovative kitchen solutions. The company is currently constructing an iconic building in Herford, the eastern Westphalian heart of the German kitchen furniture industry.
Bora has two other sites in Germany at Raubling and Niedendorf as well as one in Sydney, and a flagship store in Munich. It employs 550 people and sell sits products in 60 countries worldwide.
Midea in numbers
Revenues: $50 billion growth in Q1: profits equal to 8% of revenues and colossal investments in R&D. group presents its 2022 financial statements together with the first quarterly report for 2023. In 2022, the company’s total turnover reached 345, 7 billion Yuan (about US$50 billion), an increase of 0.7% year on year. However, net profit of 29.6 billion yuan (8.6% of revenue) increased by 3.4% over the previous year.
In the first quarter of 2023, Midea increased its revenue by 6.3% and its profit by 12% compared to the same period last year.
Founded in 1968, Midea is not only a leader in the household appliances sector. Its five business segments are smart home, building technology, electromechanics, robotics and automation, and digital innovation. It has spent nearly 50 billion yuan at its 35 R&D centers over the past five years. It has 35 major manufacturing bases around the world.Midea exports 41% of turnover (up in 2022 as domestic market shrinks) and ranks first in China in terms of market share for several product categories both online and offline, including air conditioners, ovens countertop microwaves, countertop ovens, electric stoves, induction cookers, electric kettles, etc. One out of three air conditioners sold in China is made by Midea
Haier SmartHome resuy
Haier SmartHome released its annual report for 2022 fiscal year, reporting growth of 7.2% year-on-year, with sales revenue of 32.6 billion €.
Despite challenging market environment, Haier Smart Home’s overseas business continue to grow, recording a 10.3% increase in turnover compared to last year.
In the European market, we continued to be the fastest growing Company, recording a double-digit revenue growth of approximately 20% year-over-year, achieving sales of 3.2 billion €.
These strong performance results are even more relevant because they have been achieved in a more complex market than expected caused by high inflation and slowing consumer demand.
Whirlpool Named Among America’s Most Innovative Companies by Fortune
Whirlpool Corporation has been recognised on a roster of 300 innovative American companies by the business magazine Fortune
The US-based appliances maker, Whirlpool, has been included among the country’s 300 most innovative companies, along with the likes of Microsoft and Apple, firms perhaps more well-known for their ground-breaking tech. The companies on the list were chosen based on three qualifying categories: product innovation, process innovation, and innovation culture.
“A spirit of innovation is embedded in our culture and we are proud to be named one of Fortune‘s most innovative companies,” said Marc Bitzer, Chairman and CEO of Whirlpool Corp. “With a diverse and growing product portfolio across several trusted US brands, this recognition is a testament to our employees who work tirelessly to create innovative solutions that improve life at home for consumers.”
An innovator for more than 100 years
Founded in 1911, the manufacturer of washers and dryers, refrigerators, air conditioning equipment, cooking appliances and dishwashers has been innovating and bringing new tech to consumers for over 100 years. “From the first electric wringer washer in 1911 to our current line-up of leading-edge home appliances, we are obsessed with developing technology that is purposeful in saving time or eliminating work for consumers,” said Roberto Campos, Senior Vice President of Whirlpool Corp’s Global Product Organisation.
To develop its innovative appliances, Whirlpool looks to its team of engineers and designers. “The best and the brightest engineers and designers, collaborating globally on shared appliance architectures, have been able to unleash innovation in its truest sense and help shape the modern home,” Campos added.
Among the innovations the firm has introduced in recent years are a washing machine able to filter pet hair; a 2 in 1 washer with a removable agitator; a large dishwasher with three-rack capacity, and the air fry functionality it brought to some of its smart ovens operated via an over-the-air update. Continuing on its quest for new cutting-edge functionalities in its appliances range, the company plans to bring Matter support to its smart modelsResponsibility and respect
Beyond its search for novel products with innovative functionalities, Whirlpool continues to look for innovative solutions to accelerate its environmental, social, and governance agenda. A recent example is the firm’s announcement that 29 of its large manufacturing sites around the world have reached Zero Waste to Landfill Gold or Platinum status.
Moreover, the company was recognised by the business magazine earlier this year as one of the World’s Most Admired Companies for the thirteenth consecutive year. The listing comprises the most respected and reputable companies around the world, as ranked by peers within their respective industries.
Bosch 125 Years in UK
Did you know this year marks the 125th anniversary of Bosch UK?
For 125 years, Bosch UK and Ireland has harnessed the power of technology to shape society and transform lives.
associates are pioneering thinkers, doers, makers and innovators who are passionate about paying forward our legacy of innovation and social enterprise.
Find out more about the spark of quality, invention and social responsibility that has defined our history and continues to shape our future https://www.bosch.co.uk/125-years-of-bosch-uk/
Elica partnership with Ilve
Elica Spa announced Tuesday that it has entered into a strategic partnership with Ilve that will allow the company to grow in the world of home cooking by also marketing induction ovens and hobs.
Ilve is an Italian company specializing in cooking systems that “has distinguished itself over the years for its vocation for innovation and technical wisdom in steel processing, combined with continuous research in the field of processes and technologies. Together with Ilve, Elica will espouse a philosophy of transition to new markets that will bring both companies and expand their business,” said Elica.
Elica’s stock is up 1.4 percent at EUR2.86 per share
Creda re-launching
Creda are re-launching the brand
to the Euronics Membership at this year’s UK Showcase.
Euronics is the Largest Electrical Buying Group in Europe, with 30 Member countries across Europe and 11,000 specialist stores and branches, reaching 600 million consumers.
Sepura promotes world’s first sustainable food waste separation product
Canada-based household appliance brand Sepura has announced it has received new investment, thanks to its innovative sustainable food waste separation product.
Sepura Home Ltd recently raised approximately €3.38 million ($3.7 million) in an investment round led by tap brand Blanco. It has been reported that the investment will go towards scaling Sepura’s activity in North America, boosting the market presence of the brand’s innovative “first sustainable food waste separation device in the world.”
Sepura impresses with eponymous food waste separation device
Sepura is a household appliance product that is fitted under the kitchen sink. The product essentially replaces garbage disposal, and sees users scrape food into their own sink. After that, a wireless button is pressed, with liquids going down the drain and solids separated by an auger and collected in a compost bin. Users are notified when the compost bin is filled and needs to be emptied.
The device has an array of cutting-edge features that could prove useful in the kitchen. For one Sepura has a carbon filter which can cut out the smell of decomposing food and can regulate air intakes. There are LED indicators to inform the user when it is time to empty the bin, and its adaptable design means the product can be installed in a range of different kitchens thanks to adjustable height and a simple installation process.
“Sepura represents a significant step forward in sustainable living. With its advanced technology and user-friendly design, Sepura offers a simple and effective way to minimise waste and promote a cleaner, healthier environment,” said Victor Nicolov, Co-founder and CEO of the company.
“We are excited [to] bring consumers the sustainable solution they are seeking and work to improve how food waste impacts the environment moving forward.”
Sepura’s innovative product could prove to be one way for consumers at large to live more sustainably. The company claims that more than three billion tonnes of food is wasted around the world on an annual basis, with cities across Sepura’s range of influence in North America introducing bans for garbage disposal in some cases.
Sepura says it is targeting a gap in the market for non-traditional garbage disposal products, with the introduction of an arguably more sustainable solution.
“With this strategic investment we are proud to enable SEPURA to further develop and execute their standalone business. We want to contribute to making the kitchen water place in residential homes even more sustainable and consumer friendly,” remarked Frank Gfrörer, CEO of Blanco.
“We believe that Sepura’s technology represents a substantial advancement in the field of food waste disposal and we are convinced that the solution provides the right answer to a pressing issue of our time.”
Food waste management receives billion dollar boost in North America
The rising importance of effective food waste management is felt strongly in North America, with news that Divert, a company which converts food waste into natural gas, has received a billion dollar boost to expand its operations across the region.
The company received approximately €920 million ($1 billion) in investment from Canada-based energy company Enbridge Inc. The funding will go towards the construction of 30 gas conversion facilities that will reportedly be able to convert over 5% of all food waste generated in the United States, apparently avoiding the production of approximately 400,000 metric tonnes of carbon dioxide.
Divert also received approximately €73 million ($80 million) in growth equity from Enbridge, with further investment of around €18 million ($20 million) provided by investor Ara Partners among others.
“For 16 years, Divert has been at the forefront of efforts to prevent wasted food nationwide and this new funding will serve as a catalyst to address this pervasive problem at scale,” noted Ryan Begin, CEO and co-founder of Divert
Haier Smart Home sees 7.2% growth and multiple awards
It was a good start to the year for Chinese brand Haier Smart Home which has seen strong revenue growth against current industry trends
Haier’s revenue hit RMB 243.514 billion (€32bn) in 2022 versus RMB 227.106 billion (€30.28bn) the previous year. Its net profit attributable to the owners of the parent company amounted to RMB 14.711 billion (€1.9m). Growth in profit exceeded that of revenue, Haier said.
It comes after the brand re-entered the Fortune list of World’s Most Admired companies back in February, and the appliances arm being named Euromonitor No. 1 Global Appliance Brand for the 14th year running.
Drivers for Haier’s success have been attributed to successful brand building strategies and the effective digital transformation of domestic and overseas businesses. It means the consumer electronics giant has been able to report strong growth against the sluggish trend of the home appliance industry.
Meanwhile, Haier Smart Home‘s overseas business grew by 10.3% in the reporting year despite challenges such as high inflation and slowing global consumer demand in 2022.
Haier Smart Home said it accelerated the localisation of its supply chain setup in overseas markets, and fully leveraged its global collaborative advantages to effectively respond to these challenges. The company’s overseas business increased by 10.3% year-on-year in 2022. In the American market, the company’s revenue increased by 9.0% (revenue in local currency increased by 4.6%), under the background that the industry’s major home appliance shipment growth was -6%. In the European market, the company recorded revenue growth of 16.7% while the industry’s sale volume growth was -8.9%.
At home, in the domestic market, Haier reported “continuous growth”, particularly with its premium Casarte brand, which continues to rank No.1 in China.
Finally, Three-Winged Bird, Haier Smart Home’s smart home eco-system brand, has also been a driving force for growth, the company said. “It continuously iterated the so-called “1+3+5+N” smart home solutions, enhancing user value based on its 5 core capabilities including Smart Home Brain capability, scenario solution capability, store operation capability, 1+N delivery capability, and digital tools capability.
During 2022, more than 900 stores of Three-Winged Bird were opened, and the retail sales of the Three-Winged Bird stores increased by 257% year-on-year.
With the continuous deepening of digital transformation, Haier Smart Home’s profitability continued to improve by increasing its resource efficiency and hence, creating room for new expansion in a more sustainable way
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