The Minister of Enterprise and Made in Italy Adolfo Urso and the Undersecretary of the Mimit Fausta Bergamotto have apparently received assurances from the top management of the Koç group , which includes Arçelik , a 75% shareholder of Beko Europe , that the former Whirlpool plant in Comunanza will not be closed. The minister himself announced this, having met members of the government and representatives of many industrial groups in Turkey.
According to Urso, yesterday’s meetings “further improved the prospects of the industrial plan”, which will be presented to the unions on Monday.
The update of Beko’s industrial plan reported overall in Italy – writes Il Sole 24 Ore – about 200 fewer redundancies than the initial plan (from 540 to 350) among the workers of the Cassinetta di Biandronno plant, in the province of Varese, but with the confirmation of the number expected in the Melano (68) and Carinaro (40) sites together with those, 678, of the employees. As for the Siena plant, for which the stop at the end of 2025 is confirmed, today at Mimit there will be a meeting with the president of the Tuscany Region and the mayor of the city to examine the acquisition of the plant by a public structure in order to overcome the problem of excessive rental costs in view of making the site available to a new investor.
Category Archives: Financial
Elica net profit falls
Elica closed 2024 with a group net result of 9.4 million euros (11.3 million in 2023), revenues of 452.1 million (down 4.5% on the previous year), an Ebidta of 31.4 million (7% of revenues) and an Ebit of 8.1 million euros. This was announced in a press release from the group, after the board of directors approved the financial statements for the 2024 financial year. The net financial position at 31 December 2024 was -46.8 million euros, down 13.2% compared to 2023
Shark best results
In Q4 2024, net sales grew 30% and Adjusted EBITDA increased 33%, contributing to a full-year increase of 32% in Adjusted Net Sales and 32% Adjusted EBITDA growth.Highlights for the Year Ended 2024 as compared to the Year Ended 2023
Net sales increased 30.0% to $5,528.6 million and Adjusted Net Sales increased 32.4% to $5,528.6 million.
Gross margin and Adjusted Gross Margin increased 320 and 220 basis points, respectively.
Operating income increased 72.4% to $644.2 million. Adjusted Operating Income increased 31.5% to $839.5 million.
Net income increased 162.6% to $438.7 million. Adjusted Net Income increased 37.2% to $616.2 million.
Adjusted EBITDA increased 32.2% to $951.1 million, or 17.2% of Adjusted Net Sales.
Mark Barrocas, Chief Executive Officer, commented, “SharkNinja delivered exceptional performance throughout 2024, capping off our strongest year to date with outstanding fourth quarter results. Our proven three-pillar growth strategy continues to drive market share gains across our expanding product portfolio, fuel category expansion, and accelerate our global presence
Acquisitions fuel uptick in Electrolux Professional sales
Electrolux Professional’s CEO Alberto Zanata has said the company “expects to continue our improvements” in 2025 after registering a 12% increase in sales during the fourth quarter.
Revenue for the three months to the end of December rose to SEK3.3 billion (£241m), with the company posting organic growth of 3% while acquisitions contributed almost 8%.
French induction cooking manufacturer Adventys was among the companies that Electrolux Professional bought last year, along with Japanese laundry firm TOSEI.
Arcelik financial
Arçelik has released its financial data for Q4 2024. Sales increased by 19% year-on-year to 108.3 billion Turkish liras (€3 billion), but were down 3% from the previous quarter. EBITDA dropped by 9% to 4.8 billion Turkish liras (€0.13 billion), with a profit of 1.7 billion Turkish liras reported to shareholders.
For the entire year of 2024, Beko Europe’s parent company recorded sales of 428.5 billion Turkish liras (€11.61 billion) and an operating profit of 15.8 billion Turkish liras (€0.4 billion), a 30% decrease. EBITDA was 25% lower than in 2023, at 23 billion Turkish liras.
Whirlpool shares fall
Whirlpool shares are falling sharply following the appliance manufacturer’s fourth quarter earnings report, which fell short of analysts’ expectations. The company missed Wall Street’s revenue and profit forecasts, while also issuing lower-than-expected guidance for 2025.
Whirlpool India shares plunge as parent plans to halve stake
Whirlpool Corp said it would more than halve its stake in its Indian unit to about 20%, sending Whirlpool of India’s shares plunging an exchange-allowed maximum of 20% to a near ten-month low on Thursday.
The U.S.-listed home appliance maker, which currently has a 51% stake in the India unit, said it estimates net cash proceeds, opens new tab of $550 million to $600 million from the sale, which it expects to close by mid-to-late 2025.The company will remain Whirlpool of India’s largest shareholder, followed by a number of mutual funds with stakes of less than 10%.
Whirlpool Corp sold a 24% stake in the Indian unit for about $468 million last year and the latest sale comes as it aims to pay off a major chunk of its debt amid a major rejig of its global assets, including folding its European business into a new firm and selling its Middle Eastern and African businesses
Elica renews Ducati Corse sponsorship
Elica will once again be the Official Sponsor of Ducati Corse for the 2025 MotoGP Championship. The renewal of the agreement was announced in Madonna di Campiglio during the presentation of the riders, including the highly anticipated Marc Marquez, during a ceremony attended by the entire Ducati team and Elica Chief Sales & Marketing Officer Marco Garbuglia .
Groupe SEB: Consumer sales recover
After the difficult phase, Groupe SEB resumes growth by 5% in 2024, drawing satisfaction from the sales of Tefal, Moulinex, Krups, Rowenta, Lagostina, Emsa and Wmf also in Western Europe. Little satisfaction from the professional segment, which increases by only 1.4% and does not exceed one billion euros despite the investments of the management.The Professional area in which the group had invested by acquiring the brands La San Marco, Pacojet, Forge Adour and Sofilace and which had driven sales and profits in the difficult years perhaps disappointed with an increase of only 1.4% just under one billion euros (but the operating margin increased by 10%).
LG drop in profit
LG Electronics logged 6.4 percent drop in operating profit due to slow demand recovery in global home appliances and surge in logistic costs last year, the company said.
The Korean electronics giant posted 3.4 trillion won ($2.4 billion) in operating profit for the full year of 2024, according to its earnings announcement on Thursday, falling short of 3.7 trillion won market consensus compiled by FnGuide.
Its revenue marked a record high of 87.7 trillion won during the same period.
Growth of home appliance and vehicle solutions businesses contributed to the record-high generation of revenue in 2024, the company explained. Its TV and business-to-business sales also improved its sales last year.
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