GE appliance announce a new $34 million investment in Tennessee that strengthens their American manufacturing operations and creates more good jobs — making GE Appliances and our Monogram Refrigeration facility the largest industrial employer in McNairy County.
With this investment, GE appliance add 150 new jobs and enhance our production facility with the additional space and equipment needed to build the Monogram® and Café™ brand integrated bottom-freezer refrigerators.
In an unaudited trading update for the year to July 31, 2023, today, the company, which owns a number of homeware brands including Salter and Beldray, unveiled an eight per cent boost in turnover and earnings before interest, tax depreciation and amortisation (EBITDA).
Sales hit £166.3m, up from £154.2m the previous year, while unaudited adjusted EBITDA was £20.2m, compared with £18.8m in 2022, which was in line with market expectations of £20.1m.
Unaudited pre-tax profits of £16.8m, up six per cent, were also in line with market expectations of £16.8m.
The group said it experienced exceptional growth in its online division, where revenues were up 64% year-on-year, together with an improved sales mix.
Revenue growth in the period was achieved with no overall price inflation helping to keep the group’s branded homeware products at prices which are attractive and affordable to consumers. Growth accelerated as the year progressed with second half revenues increasing 15% year-on-year.
At the year end, the group had a net bank debt of £14.8m, down from £24.3m in 2022, which represents a net bank debt/adjusted EBITDA ratio of 0.7x (FY22: 1.3x).
As announced on July 17, 2023, the improved net debt performance is due to ongoing improvements in working capital management and the phasing of trading during the second half of the year.
Current trading for fiscal year 2024 is in line with market expectations
According to Egyptian media Midea Group is considering the acquisition of Zanussi brand from Electrolux Group . The acquisition deal is expected to be finalized by the fourth quarter of 2023.
In July, the Swedish giant had appointed Societè Generale to handle the sale of the Zanussi, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Zoppas, Olympic Electric and Kwikot brands and activities in Africa and the Middle East.
Electrolux’s activities in Egypt became relevant in 2011 with the acquisition of Egyptian Olympic Group, the largest white goods manufacturer based in the Middle East. Electrolux employs 2,238 people in Egypt.
Whirlpool of India Ltd reported a 10.6% drop in first-quarter profit on Monday, impacted by softer demand.
consolidated net profit for the three months ended June 30 fell to 748.8 million rupees ($9.05 million) from 837.3 million rupees a year earlier.
Revenue fell 2% to 20.39 billion rupees, hurting the company’s operating profit metrics.
SharkNinja has officially joined the New York Stock Exchange (NYSE) as a standalone U.S. publicly traded company.
In a statement released by SharkNinja, President and CEO Mark Barrocas stated the following:
“Our success lies in understanding our consumers’ needs and rapidly developing innovative products to exceed their expectations. This approach has enabled us to build two billion-dollar brands, Shark and Ninja, by establishing leadership positions across numerous household product categories. Myself, the management team, and our associates around the world are all very excited that SharkNinja, headquartered in Boston, is now a public company listed on the New York Stock Exchange.”
Large appliances sales are pivotal to the homeappliance sector with 282 million units sold worldwide in 2022 🌍👇
China 🇨🇳: 108.3M
Europe 🇪🇺: 83.6M
North America 🇺🇸: 64.1M
South Africa 🇿🇦: 2.6M
South Korea 🇰🇷: 10M
Russia 🇷🇺: 13.5M
The Indian Income Tax department is conducting has launched raids at the offices of the Chinese home appliance company Haier on Friday. The raids were being carried out at the premises of the company in Delhi, Mumbai, Noida, Pune and a few other locations.
Sutton Venture Group (SVG) has become the sole shareholder of Swan Products Limited, a small domestic appliances and housewares brand with a strong British heritage dating back to the 1920s.
Swan will be integrated into SVG’s trading division RKW, where it will benefit from the group’s centralised services and global infrastructure.
SVG Chairman Rob Sutton commented, “I am delighted to welcome Swan into the RKW family of Great British brands. RKW has been a key partner for Swan and the acquisition fits perfectly with our strategy of building British brands into major Global players through our international network of supply partners and customers.”
Just a post on Linkedin in which Oguz Sulek is “happy to share” his new position as Executive Director – Integration at Arçelik Global. He will be the manager of the financial aspects of the inclusion in the Arçelik perimeter of 38 subsidiaries and 9 factories which will be added to the 25 European subsidiaries of Arçelik, mainly in the name of Beko, and two factories.
Sulek graduated in Law in Marmara and Economics in Istanbul to then specialize in the ‘private’ university of the Koç group of which Arçelik is part and previously followed the Enterprise Risk Management. Before that, he was the financial director of Voltas Beko, a joint venture between the Turkish group and the Indian giant Tata Group.
Elica Spa has approved the results for the first half of 2023 – prepared in accordance with the IFRS international accounting standards. Revenues fell 12% from 290 to 254.5 million. EBITDA has also fallen in line, which continues to represent almost 10% of turnover. Preserving gross margins has been an important success for the group, achieved thanks to strategic initiatives implemented in recent years, such as constant cost control, flexibility deriving from the new production footprint and the “Supply Chain Finance Solution” project for better management of circulating. Margin expansion, with a significant increase of 80 basis points between the prior first and second quarters, confirms the commitment to sustained profitability and operational excellence.Profit fell 38% from nearly $14 million to $8.5 million The Cooking division, which represents 76% of total turnover, recorded a drop of -15%. Also in the second quarter, own brand production partially compensated for a strong reduction in demand in the OEM area
The Engines division, which represents 24% of total turnover, shows the first signs of a slowdown, showing a slight contraction in sales equal to -2.8%. The “ heating ” and “ ventilation ” areas , and in particular the heat pump segment, continue to represent segments with high profitability and significant diversification opportunities. Sales in EMEA, which represents 80% of total revenues, recorded a decrease of -10.9%, thus aligning Elica’s performance with that of the market.
“In a difficult macroeconomic context, the whole group has demonstrated its ability to face challenges with great speed, managing to defend margins and not slow down on strategic projects. We will also face the next few months with the usual passion, being ready to accelerate when the recovery occurs. I am sure that the team, the completion path of the cooking product range and the opportunities of the engine division will support growth in the long term and will continue to create value for shareholders and our stakeholders” . declared Francesco Casoli
