Category Archives: Financial

UK watchdog to probe deeper into Arcelik’s European deal with Whirlpool

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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

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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

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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

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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

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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

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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

Haier’s plan: relaunch of Candy and 150 million in investments

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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 “

Appliance Snapshot 🌍

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🔹 Electrolux:
* Q2 Revenue: -3% YoY
* Major challenges: Inflation, interest hikes, geopolitics
* Regional dips: Europe -10%, APAC & MEA -12%
🔹 Whirlpool:
* H1 Revenue: $9.4B (YoY -5.8%)
* Q2 Regional Growth: Latin America +4%, North America -5%
🔹 Samsung:
* H1 Revenue: KRW 123.8T (YoY -20%)
* Highlight: VD/DA segment growth & efficient cost management in white goods
🔹 LG Electronics:
* H1 Revenue: KRW 40.4T
* Q2 Trends: Stable H&A, B2B sales slowing

SharkNinja Reports Second Quarter 2023 Results

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Highlights for the Second Quarter 2023 as compared to the Second Quarter 2022

Net sales increased 22.1% to $950.3 million and Adjusted net Sales increased 19.7%, both driven by strong sales of recently launched products in the outdoor cooking and beauty categories.
Gross margin and Adjusted Gross Margin increased 430 and 370 basis points, respectively, as we benefited from cost tailwinds including inbound freight costs.
Net income decreased 27.6% to $11.9 million. Adjusted Net Income increased 40.4% to $65.2 million.
Adjusted EBITDA increased 40.0% to $113.6 million, or 12.5% of Adjusted Net Sales Cleaning Appliances net sales increased by $2.6 million, or 0.6%, to $413.8 million, compared to $411.2 million in the prior year quarter, driven by growth in the multi-floorcare sub-category and by new product innovation. This increase was partially offset by softness in the North America market, specifically in corded vacuums as consumers shifted towards cordless.
Cooking and Beverage Appliances net sales increased by $139.0 million, or 68.1%, to $343.1 million, compared to $204.0 million in the prior year quarter. This increase was driven by growth in Europe, specifically in the United Kingdom, where we further strengthened our leading market position. Our global growth was also supported by the full quarter of sales of our outdoor grill that launched in the second half of 2022, which continues to perform well across the US and European markets.
Food Preparation Appliances net sales increased by $5.7 million, or 4.1%, to $143.4 million, compared to $137.7 million in the prior year quarter driven by strong sales from our ice cream makers.
Other net sales increased by $24.8 million, or 98.3%, to $50.0 million, compared to $25.3 million in the prior year quarter. This increase was driven by continued strength of the Shark FlexStyle, our new product launch in the beauty category at the end of 2022.