Elica announces, in a note, that it has signed an agreement that provides for “the sale to Whirlpool of India Limited” of 4.78% of the share capital of the Indian subsidiary Elica Pb Whirlpool Kitchen Appliances Private Limited (‘Elica Pb India’) together with the other Indian minority shareholders who are selling a further 4.78% stake. The agreement for the sale, the note states, was reached for approximately 8.2 million euros. “Upon completion of the transaction, Whirlpool of India Limited will hold approximately 96.81% of Elica PB India” while Elica SpA and the group of other Indian minority shareholders will remain shareholders of the Indian company with a stake of approximately 1.59% each. At the same time as the purchase of the stake, Elica Pb India will sign new licensing agreements for the use of the Elica brand in Indian territory.
Category Archives: Financial
Elica’s ‘castling’: triple vote to long-term shareholders
The Shareholders’ Meeting of Elica voted on an amendment to the company bylaws that grants two voting rights per share to shareholders who have held the stock for at least two years from their registration in the Shareholders’ Register and 3 rights to those who have held them for three years.
The aim, the company writes, is to “reward the long-term commitment of its shareholders and maintain and strengthen the reference shareholder base”, in practice the core shareholders such as the Casoli family .The change in fact makes a hostile ‘raid’ or a takeover bid on the Marche-based company practically impossible.
In this period, the Elica stock is at an all-time low: around 1.7 euros compared to 5.8 in the first days of listing in 2006, and its capitalization is around 100 million euros against a 2023 turnover five times high
Investment by Haier in Thailand
The Thailand Board of Investment (BOI) announced today it has approved a 13.5 billion baht (USD 400 million) investment promotion application by Haier Appliance Manufacture (Thailand) Co., Ltd., a unit of China’s Haier Smart Home Co., Ltd., to set a factory that will produce annually six million smart air conditioners and bring extensive economic benefits.
Hisense profit jump
Hisense Home Appliance’s profit rose 34.6% to 2.02 billion yuan in the first half of this year, propelled by the company’s rapid overseas growth
Midea to raise at least $3.5 billion in Hong Kong
Midea ‘s IPO has started on the Hong Kong stock exchange. The group’s shares were listed only on the Chinese Shenzen stock exchange, where many investors prefer not to buy. The entry into the Hong Kong stock exchange would put Midea on the same level as other large listed groups: Whirlpool or Electrolux as a group investable in electronics and household appliances. Midea is expected to raise at least $3.5 billion with this share issue. It is the largest IPO in Hong Kong since 2022.
Midea is currently valued at 432 billion yuan, 54 billion euros, nearly 12 times Whirlpool and 24 times Electrolux . The stock has grown 15% over the course of 2024.
Sabaf increased its turnover
Turnover: +25%. Margins: +47%. Best second quarter in history thanks to new plants in India and Mexico
In the first half of the year, Sabaf increased its turnover by 24.5%, reaching 143 million euros. The trend in sales and the portfolio in the coming months, the company reports to Il Sole 24 Ore , are projecting the turnover towards an all-time record, thanks to the new production units in Mexico and India and to the components for induction cooking.
China’s Midea Cuts Stake in Xiaomi
Midea Group, the world’s biggest maker of home appliances, has pared its stake in Chinese electronics giant Xiaomi to raise funds for its ongoing overseas expansion, according to investment industry experts, who noted that it is a normal part of corporate activity.
Midea Group grows 10% in H1, surpasses 200 billion yuan
The first half of 2024, Midea Group ‘s revenue exceeded 200 billion yuan, reaching 218.1 billion yuan (27.54 billion euros), an increase of 10%. Even better, profits rose by 14% to 20.8 billion yuan (2.6 billion euros).
Domestic sales increased 8% while exports rose 13%. In the half year, Midea invested 7.66 billion yuan in its 17 R&D centers, up 16%, and produced 5,000 patents.
China Appliance export increase
From March 2023 to July 2024, China’s home appliance exports have achieved year-on-year growth for 17 consecutive months.
Data released by the Chinese General Administration of Customs showed that in the first seven months of this year, domestic home appliances exports totaled 409.19 billion yuan, a year-on-year increase of 18.1%, 11.4 percentage points higher than the overall national export growth rate
JB Hi-Fi Group to acquire E&S Trading
JB Hi-Fi Group has entered into an agreement to acquire E&S Trading , an Australian-owned family business retailer specialising in kitchen, bathroom, and laundry appliances.
The initial acquisition is of 75% for cash consideration of $47.8 million on a cash-free/debt-free basis with a put and call option arrangement for the acquisition of the remaining 25% in September 2029
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