Sabaf family keeps growing! They recently completed the acquisition of 51% of Mansfield Engineered Components (MEC), a US based leading manufacturer of hinges for household appliances.
This important operation brought Sabaf to the top of the market, giving them a position of great responsibility and representing a significant milestone for Sabaf company and for all stakeholders.
MEC, as part of their Business Plan focused on expansion and diversification, will integrate perfectly with the other companies in Sabaf Group. This will allow them to greatly expand their offer of innovative products through the four key divisions: gas, hinges, electronics and induction.
Category Archives: Financial
Inieuro financial
Unieuro S.p.A. is the largest Italian retailer of consumer electronics and household appliances by number of outlets, with a network of 460 stores throughout Italy.Unieuro closed the first quarter of the 2023/24 financial year (i.e. the months of March, April and May) with revenues of €589.3 million: 3.7% less than in the corresponding period last year. The figure, the company points out, is in any case better than the market trend which contracted by 4.6% in the same period.
Haier aims to number one in UK
Haier has revealed its ambitious strategy to achieve further growth in the UK and Ireland.
Under the theme ‘dream, believe, achieve,’ the brand – which is also the parent company of Candy and Hoover – used its annual 1 Vision Conference to reveal its worldwide growth to date and outline its aims and objectives to become ‘the UK’s supplier of choice’.a market share of 17% worldwide with a worldwide turnover of 32 billion. Every 1 in five fridges, wine coolers, washers, dryers are a Haier made
Made in Italy
Manufacture of electrical appliances and non-electrical household appliances in Italy” was weak, with turnover falling by 0.7% between April and May and by 1.9% over the year.
Samsung’s slowdown continues
Samsung Electronics has made public its forecasts for the second quarter of 2023. The resilience of large household appliances can do nothing compared to the weakness in demand for smartphones and above all for chips.
Compared to the previous quarter, the decline is only 6% in sales and 6.4% in profits
In the April-June period, the Korean giant estimates that it had a turnover of 60 thousand billion won (42 billion euros) with a very small profit (1%) of 600 billion won. In the corresponding period of 2022, Samsung Electronics had a turnover of 77,200 billion won (54 billion euros) with a profit of 14 trillion won (almost 10 billion euros). As a result, sales fell 22% year over year and profits fell 95
Hairer investment India
Haier India has invested Rs 400 crore for the expansion of its Greater Noida plant.
The phase II expansion of the plant is scheduled to begin this month and will be completed by November 2024. The company will add 44,890 sq m to the 3,05,726 sq m plant.
Haier India can currently produce one million air-conditioners, 1.5 million washing machines, and 3 million refrigerators annually at its plants in Greater Noida and Pune.
“With enhanced manufacturing capabilities and increased backward integration, we are confident in our ability to deliver exceptional products
the phase one expansion of the Greater Noida plant, the company had invested Rs 1,600 crore to create a manufacturing unit for air-conditioners, washing machines, and refrigerators.
Haier India also targets Rs 10,000 crore turnover by the end of 2024. BusinessLine had earlier reported that the targeted turnover is in line with the expected revenue growth of 40 per cent and 30 per cent in 2023 and 2024, respectively.
Glen Dimplex profit increase
The main business of Glen Dimplex, the Irish-headquartered heating, cooling and appliance giant, nearly quadrupled its profits last year as the company substantially concluded a period of restructuring.
Newly filed accounts for Glen Dimplex European Holdings, which makes up about 60pc of group operations, showed the business made a profit of €42.8m in the year to September 30, 2022, up from just €11m in the previous year.
Glen Dimplex increased turnover by just 4pc in the period to €944m, with growth coming mainly from the group’s energy efficient heating and ventilation products, which are in high demand in the EU because of public policy initiatives.
“Encouragingly, the strong profit growth experienced in the 2021/22 financial year has continued into the early part of the 2022/23 financial year and the outlook remains positive driven by strong underlying demand trends, a supportive policy environment and fiscal supports for end users,” the accounts stated.The company, which is owned by the Louth-based Naughton family, has been undergoing a transformation in recent years to focus more on sustainability and the electrification of energy, increasingly via smart tech.The firm sold the well-known consumer appliance business Morphy Richards to long-term Chinese manufacturing partner Xinbao for €185m. Glen Dimplex retained the rights to distribute the brand in Ireland, New Zealand and Australia for 10 years as part of the deal.The shift has seen Glen Dimplex become very busy in terms of mergers, acquisitions and disposals, with the company an active buyer of heating and ventilation businesses
Currys & Frasers
Currys boss Alex Baldock has warned price increases are set to continue as the electricals retailer looks to safeguard its profit margin.Discussions about a possible tie-up with shareholder Frasers, which widened its stake in the business to 10.4% last week.“This is a potentially interesting partnership,” he said, “There are a number of avenues that we’re exploring.”
Bulgaria Antitrust fines Miele for RPM
Bulgaria’s antitrust watchdog has ordered the local subsidiary of German domestic appliance maker Miele to pay a €820,000 fine for breaching resale price maintenance laws
Currys results
This morning Currys PLC have announced Full Year results for FY22/23, with group adjusted profit at the top end of guidance. Alex Baldock, Group CEO: “We’ve had a very mixed year. Our strengthening UK&I performance shows our long-term strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt. I’m proud of how our colleagues rose to this challenge, continuing to bring the benefits of technology within easy reach of millions of customers. Our long-term confidence is undimmed, with a business well set to benefit from an eventual macro recovery.”
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