Despite revenues of close to a billion dollars in the Australian operation Swedish appliance Company Electrolux Home Products, has only managed to deliver a $70.24M profit According to their latest financials the Company saw revenues fall from $950.7 million to $932.3 million according to returns filed last month for the 2022 calendar year.Another problem for the business is New Zealand where competitors have stripped market share with both revenue and profits falling.
In New Zealand Electrolux saw revenues fall from $89.5M to $70.9M.
Category Archives: Financial
Miele v BORA
Miele has filed a revocation action against Australian Patent No. 2012247900 in the name of Wilhelm Bruckbauer, CEO of BORA.
Initially, BORA had issued a formal demand regarding Miele’s infringement of BORA’s intellectual property rights by selling downdraft cooking hobs in Australia. After being notified about the revocation action BORA filed a cross-claim alleging patent infringement by Miele.
After extensive examination, BORA considers that the sale by Miele of its downdraft cooking hobs in Australia clearly infringes its Australian Patent and is pursuing its legal options to enforce its intellectual property rights.
BORA will enforce and defend its patents and will not accept any infringement of its intellectual property rights. The management of BORA share the view that its patents and other intellectual property must be respected.
About the company
BORA develops and produces innovative premium built-in kitchen appliances with impressive design standards. The German-Austrian company group positions its portfolio internationally with the claim ‘More than cooking.’ Since Willi Bruckbauer founded BORA in 2007, the company has been committed to revolutionising the kitchen as a living space by questioning the ordinary. Its mission: to offer extraordinary products for extraordinary experiences.
The story began with the innovative cooktop extractor systems, which use intelligent technology to draw cooking vapours downwards and are continually developed through BORA’s own drive for perfection. After the expansion of the product range to include the BORA X BO, a professional steam oven for your home, and the associated BORA multi-drawer, refrigeration and freezing systems as well as lighting followed. BORA products are characterised by outstanding performance, simple cleaning and simple operation. Thanks to their timeless design, they fit perfectly into any kitchen, where they provide fresh air and a clear view.
BORA employs over 500 people, primarily at its sites in Raubling, Niederndorf and Sydney as well as in its flagship stores in Munich and Herford, and sells its products in over 60 countries worldwide.
Back in 2009, the company received its first award within the scope of the innovation contest 365 Orte im Land der Ideen, followed by the Deutscher Gründerpreis and numerous Red Dot Awards, Plus X Awards, German Design Awards, Iconic Awards, German Brand Awards, Good Design Awards and iF Design Awards, among others
UK watchdog to probe deeper into Arcelik’s European deal with Whirlpool
Britain’s antitrust regulator said on Thursday Turkish domestic appliances maker Arcelik’s proposed purchase of Whirlpool’s appliances business in Europe will be referred for a more in-depth probe.
The deal could reduce choices in the supply of major household appliances and will be referred for a so-called phase-2 investigation unless Arcelik addresses its concerns, the Competition and Markets Authority (CMA) said in a statement.The deal would include Arcelik and Whirlpool setting up a new entity comprising the two companies’ European units, selling small and major domestic appliances and consumer electronics, the two announced in January.Arcelik would own 75% of the company and Whirlpool the remaining 25%.
If the deal were to go ahead, the new entity would be the largest individual supplier of washing machines, tumble dryers, dishwashers and cooking appliances in the UK, where the market is worth over 3.8 billion pounds ($4.61 billion), the CMA said.
Ametek acquires United Electronic Industries
Ametek announced the acquisition of United Electronic Industries (UEI), specialized in the design and manufacture of high-performance test, measurement, simulation and control solutions. “We are excited to welcome United Electronic Industries to the Ametek family – said David A. Zapico, Ametek Chairman and Chief Executive Officer –. UEI is an excellent strategic fit with our Power Systems and Instruments Division. Their innovative solutions nicely complement our existing testing and data acquisition expertise helping broaden our presence serving attractive market segments and applications”. UEI is headquartered in Norwood (Massachusetts) and has annual sales of approximately $35 million. It will join Ametek as part of its Electronic Instruments Group (EIG)
Arçelik-Whirlpool, the EU will decide by October 23rd
The agreement which provides for the sale of the Whirlpool and Beko activities in Europe to a new company largely owned by Arçelik was officially included in the protocol of the Competition DG on 18 September with number M11086. The European Antitrust will make its decision by October 23rd.Commission offices could ask for a supplementary investigation, as was done for example by the English Antitrust.
Last Monday (18 September) EU Commissioner Paolo Gentiloni received the CEO of Arçelik and president of Applia Europe Hakan Bulgurlu .
On Monday 25th in Rome, Whirlpool’s top management will meet the Italian unions to discuss the results of the first half of the year and the prospects for the workers of Whirlpool’s four Italian factories.
Currys hit by revolt over executive pay
Currys has become the latest company to be hit with a shareholder rebellion over executive pay.At their annual meeting, more than 21 per cent of voters rejected the electronics retailer’s pay scheme for 2022 – which handed chief executive Alex Baldock £2.2 million. Around £1.2 million of this was in the form of bonuses.
Currys said it would speak to shareholders to find out why they objected to the scheme.
Beko concerned about Chinese brands
Beko, the Turkish appliance Company, who is set to take over Hitachi’s consumer appliance business in Australia on October 1, in an effort to gain traction in the affordable premium market, is now concerned that Chinese brands are set to hurt sales of their bottom end Beko brand with management accusing the Chinese of setting up to dump product into the affordable appliance market.Recently Arcelik purchased a majority stake in Whirlpool’s household appliances business with the deal set to centre on Europe, however insiders are tipping that the business could end up with a deal in Australia.
Currently Whirlpool is distributed by the Harvey Norman owned distributor Arisit.
FC Bayern and Miele extend contract
FC Bayern and Miele have extended their cooperation for another three years. The German record champions and the world’s leading supplier of premium domestic appliances have been partners since 2020.
Andreas Jung, FC Bayern board member for marketing: “FC Bayern and Miele stand for enjoyment. We want to inspire fans with our game, Miele inspires them with gourmet experiences. We are delighted to have extended this partnership for a further three years. Continuity is important to us and we are sure that we can continue to offer people a lot together – on and off the pitch
Westin Sirius distribution deal
Westin has announced it has become the official UK distributor of Italian-owned Sirius hoods.
While Westin will be responsible for distributing Sirius cooker hood products, which are said to offer high-end design technology
Haier’s plan: relaunch of Candy and 150 million in investments
Haier grew by 29% in the first half of the year; the second half is also positive: we expect to reach close to 4 billion in turnover in 2023, compared to 3.2 billion last year”Haier has decided to invest 150 million over the next 5 years on its activities in Europe: 7 factories.
From 2019 to today, Haier has increased its turnover five times. The goal is now to double by 2028. In addition to imports from China, Haier has inaugurated a dishwasher factory in Turkey, and another refrigerator factory in Romania.
Haier is still growing, with an increase of 29% in the first half; the second half is also positive: we expect to reach 4 billion in turnover in 2023, compared to 3.2 billion The Group intends to relaunch the Candy brand by increasing its brand value with a new series of models: ” we have relocated some built-in production to Brugherio from China in the logic of being close to the consumer “
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