Appliances in the world

According to the calculations by Statista agency, in 2021 the household appliances, big and small, for a total value of 448 billion dollars, were sold in the world. 74% of the amount comes from big appliances, 26% from small ones. The cooking sector represents 38% of the total, followed by the cold one with 22%; 17% goes to washing, whereas the remaining 23% is subdivided among all other appliances.

Midea growth

Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.

Midea in 245th place among the Fortune 500
Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.

Midea in 245th place among the Fortune 500
Midea climbs to 245th place in the 2022 version of the ranking of the world’s 500 largest companies drawn up annually by Fortune. The turnover of the Chinese group grew by 20.06% in 2021, reaching an all-time high of 343.4 billion yuan, equal to about 50 billion euros at the current exchange rate.

As reported in a press release from the group , Midea pursues the goal of “Technological Leadership” and accelerates its transformation based on technology in all sectors of intervention. In the home appliance under the banner of the ‘smart home’ you are committed to providing the best experience of appliances and services for the whole home through the use of IoT and AI technology.

The Midea Group employs 160,000 people, of which over 30,000 are outside China. Over the past five years, Midea has invested nearly 50 billion yuan (7.2 billion euros) in research and development and has 35 research and development centers and as many manufacturing bases around the world. Midea products and services are used and appreciated by 400 million consumers in over 200 countries and regions.

Whirlpool to Buy Insinkerator Waste-Disposal Business in $3 Billion Deal

Whirlpool Corp. agreed to buy Insinkerator, Emerson Electric Co.’s Waste-disposal business, in a $3 billion transaction

InSinkErator, which has an over 70% market share in the food waste disposal industry, is a popular household name in the United States.

Amazon’s takeover bid on iRobot

Amazon has put $ 1.7 billion on the table to buy the entirety of the shares of iRobot, the American company known worldwide for the Roomba series of robot vacuum cleaners, as reported by the Wall Street Journal . Although the company is the reference brand in the sector, it has probably suffered from the growing competition due to the success of the category and in recent months it has lost profitability closing its balance sheets in deficit.

The stock, which was worth 68 dollars at the beginning of 2022, had dropped to around 35 in mid-July and then climbed back to 50 dollars per share. Amazon offering $ 61 in cash provides a premium of around 20%. The total investment envisaged by Amazon: 1.7 billion, is slightly higher than the 2021 turnover: 1.56 billion. Amazon is also committed to clearing the company’s debt.

The market does not seem to expect a further offer. Amazon is committed to building an ecosystem of home appliances to make Alexa the ‘smart home’ hub competing with Google.

LG profits


LG Twin Towers / Courtesy of Korea IT Times

LG Electronics Inc. (LG) announced its highest-ever second-quarter revenues, reflecting strong sales for LG home appliances in key regions and the profitable growth of LG’s vehicle components business as the global automotive industry rebounds.

LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was KRW 792.2 billion, 12 percent lower than the same quarter last year, largely due to supply chain challenges and higher logistics costs.

Given the business impact of the evolving state of the pandemic and economic conditions, LG is leveraging its comprehensive business portfolio, expanding sales from premium to mass-tier products and growing business-to-business areas such as auto parts.

The LG Home Appliance & Air Solution Company reported revenues of KRW 8.07 trillion in the second-quarter, first time in LG’s history for a single business unit to exceed quarterly revenues of KRW 8 trillion. Operating profit was KRW 432.2 billion. Revenues increased 18 percent from the second quarter a year ago, mainly driven by stronger sales of premium appliances and new categories such as hygiene products using steam technology in the key regions of North America and Latin America. The business unit plans to continue its momentum by improving competitiveness of premium products and strengthening its mass-tier lineup.

The LG Home Entertainment Company recorded revenues to KRW 3.46 trillion in the second quarter with operating loss of KRW 18.9 billion reflecting increased marketing investments in response to intensified market conditions. LG’s Home Entertainment strategy will center on effectively managing marketing expenses and growing the premium TV segment, particularly around peak selling seasons including the FIFA World Cup and holiday.

The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 2.03 trillion, a 19 percent increase from the same period of 2021, leading the business unit to be profitable for the first-time. The significantly higher sales were driven by LG proactively responding to higher demand from automakers with efficient supply chain management. With the cloud of uncertainty created by inflation and geopolitical risks, the company will continue to build strong relationships with global automakers along with strong cost structure management to further improve profitability.

The LG Business Solutions Company recorded solid second-quarter revenues of KRW 1.54 trillion with operating profit of KRW 14.3 billion. Revenues increased 19 percent from a year ago largely on the back of recovery of the business-to-business segment. The company plans to aggressively target the rebounding B2B segment by developing more customized solutions and expanding its product portfolio for stable growth.

Discontinued Operations: Second-quarter financial results from LG’s solar panel business, which closed in June as previously announced, are being treated as a loss from discontinued operations.

Elica results

Elica’s first-half 2022 results are something to be proud of. Despite the challenging situation and the market uncertainties,

Elica posted outstanding 1H results with revenue at EUR 290.2 million, up 7.7% on 1H 2021. This growth was driven by sales of own brands and Motors Division, led by an even stronger Q2, setting new revenue and margin records.

Whirlpool Reports Q2 Results,

GAAP net loss margin of (7.3)% and GAAP loss per diluted share of $(6.62) impacted by non-recurring charges of $747 million, largely driven by loss from sale of Russia business and EMEA asset impairment
Delivered ongoing (non-GAAP) EBIT margin(2) of 9.0% and ongoing (non-GAAP) earnings per diluted share(1) of $5.97, despite elevated cost inflation and demand slowdown
North America region delivered strong results with EBIT(3) margin of 14.1% led by previously executed cost-based price increases offset by lower volumes and elevated cost inflation
Returned ~$400 million in repurchases and dividends in the quarter, on track with commitment to return over $1.5 billion to shareholders in the year
Progressed EMEA strategic review and global portfolio transformation with the agreement to sell the Whirlpool Russia business
Revised full-year 2022 guidance to $9.50 to $11.50 earnings per diluted share on a GAAP basis and $22.00 to $24.00 on an ongoing basis(2), cash provided by operating activities of $1.85 billion and free cash flow(4) of $1.25 billion FULL-YEAR 2022 OUTLOOK

Expect full-year 2022 revenues of approximately $20.7 billion (down approximately 6 percent)
Reduced earnings per diluted share from $24.00 to $26.00 to $9.50 to $11.50 on a GAAP basis and $22.00 to $24.00 on an ongoing basis(2)
Reduced cash provided by operating activities to $1.85 billion from $1.95 billion; free cash flow(4) of $1.25 billion remains unchanged
Updated GAAP and adjusted tax rate (non-GAAP) from 24 to 26 percent to a GAAP tax rate of 34 to 36 percent and an adjusted tax rate (non-GAAP) of 21 to 23 percent

Panasonic 2022 strategy for Middle East and Africa

Panasonic Marketing Middle East & Africa (PMMAF) restated its commitment of MEA market expansion and consumer wellbeing at its regional convention, held in Dubai, that unveiled the brand’s new global motto – “Live Your Best.”

The new slogan embodies Panasonic’s commitment to providing solutions that make life simpler, safer, healthier, and more enjoyable for the customers helping them to live their best. Meanwhile, the brand will focus on expanding its regional market share to cater to the evolving customer demands with solutions that make homes, public premises, and businesses a healthy and convenient Panasonic plans to introduce a lineup of 64 new products to support this mission in 2022.

Some of the new products with superior technologies and Japanese excellence were spotlighted at the event. Key highlights amongst many were the nanoe™ X Air conditioners which can inhibit pathogenic microorganisms (bacteria, fungi, and viruses) and allergens. The ACs will not only cool and heat the surroundings but also clean the indoor air, offering 24-hour protection to keep living spaces fresh and clean, so consumers can benefit from a healthier life.

New Abaya Wash washing machines were positioned as distinctive hygiene systems that protect families by eliminating 99.99%* of bacteria from the clothes while washing. The brand also emphasized on nutrition and food hygiene through its latest “Nutri TaFreez” refrigerator series that feature speedy freezing technology specifically for preserving nutrients of meats stored in the freezer.

To further support health and wellbeing, Panasonic encourages home cooking for its consumers by introducing new kitchen appliances line up such as Kitchen Machine, Bread Maker and more appliances that enrich cooking experience.

Electrolux Says Profit Hit By Supply Chain Disruptions

Swedish home appliances maker Electrolux AB’s net profit plunged 81% to 257 million Swedish kronor ($25 million) in the second quarter of the year, due to supply chain disruptions, Barrons reported citing AFP. Supply chain disruptions adversely affected the availability of essential components and production schedules, and also increased the costs of airfreight for the companyThe irregular deliveries of multiple components, mainly electronics, continued to significantly impact our volumes, cause severe production inefficiencies and increase costs for airfreight,” he said.

By contrast, second-quarter sales increased by 11 percent to 33.7 billion kronor, as higher selling prices offset the supply crunch.

Electrolux said it was still unable to meet demand, especially in its laundry and premium cooking segments.

“We continue to collaborate closely with our suppliers to mitigate these supply chain constraints and expect sequential improvements from mid-2022,” Samuelson said, noting the risk of further disruptions still loomed.

Sub-zero investment

Sub-Zero Group intends to invest more than $140 million to build a 400,000-square-foot plant in Cedar Rapids. The factory would create 192 jobs; 127 of those positions would be paid at or above the qualifying wage of $24.20 per hour.

Sub-Zero, based in Madison, Wisconsin, makes its flagship brand of refrigeration products as well as Wolf cooking appliances and Cove dishwashers. The Cedar Rapids plant would bolster the company’s overall manufacturing capacity; it currently operates factories in Fitchburg, Wisconsin, and Goodyear, Arizona.

State officials approved an incentive package worth $3.7 million to support the project