The Middleby Corporation (NASDAQ: MIDD) has agreed to sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners LP, valuing the unit at $885 million. Middleby will retain a 49% non-controlling interest in the new joint venture, receiving approximately $540 million in cash and a $135 million seller note.
The Residential Kitchen portfolio includes premium brands such as Viking, AGA Rangemaster, La Cornue, Kamado Joe, Marvel, Novy, and U-Line. This move, alongside the planned spin-off of Middleby’s Food Processing segment in H1 2026, advances the company’s strategy to become a pure-play commercial foodservice leader.
With a sharpened focus, Middleby is positioned for accelerated growth through innovation and automation, offering a robust lineup of commercial kitchen solutions that enhance labor efficiency, reduce food costs, and expand into high-potential markets like ice and beverage.
The commercial foodservice business stands strong with 2024 revenue of $2.38 billion, $654 million in Adjusted EBITDA, and a margin exceeding 27%
Category Archives: Financial
Whirlpool Reshapes Global Footprint: Reduces Stake in India, Halts Production in Argentina
Whirlpool Corporation is recalibrating its international operations with two major moves in India and Argentina, signaling a shift in its global appliance strategy.
📉 Stake in Whirlpool India Drops to 40%
On November 27, Whirlpool Corporation announced it had reduced its ownership in Whirlpool of India Limited from 51% to approximately 40%. The change follows the sale of 14.26 million equity shares by its wholly owned subsidiary, Whirlpool Mauritius Limited, in an on-market transaction.
While Whirlpool retains a significant minority stake, the move suggests a strategic realignment in one of Asia’s fastest-growing appliance markets. Whirlpool India remains a key player in refrigeration, laundry, and kitchen appliances, with a strong retail and service network across the subcontinent.
🛑 Production Ceases at Argentina’s Pilar Laundry Plant
Just a day earlier, on November 26, Whirlpool Argentina announced it will cease manufacturing operations at its Pilar Laundry Plant. Opened in 2022 with a $52 million investment, the facility was designed to produce 300,000 high-capacity washing machines annually and aimed to become Argentina’s largest appliance exporter—primarily serving Latin American markets like Brazil.
Despite the shutdown, Whirlpool confirmed it will maintain its commercial and after-sales service operations in Argentina, ensuring continued availability of products, accessories, and spare parts. The company emphasized its long-standing presence in the country, where it has operated for over 35 years.
Krupps Joins TNK Group in €75M Deal to Boost Global Growth
Italian dishwasher specialist Krupps has been acquired by Padua-based TNK Group, forming a €75 million business. This marks the end of Krupps’ family ownership since its founding by Antonio Scanavin in 1965.
The move aligns Krupps with TNK’s portfolio—which includes Coldline, Modular Professional, Nevo, and Tuls—and aims to expand its global footprint. CEO Enrico Scanavin said the deal preserves Krupps’ heritage while accelerating its international growth and integration into a broader professional kitchen ecosystem.
Krupps currently exports to over 70 countries, with 60% of its revenue coming from outside Italy.
Midea Group Sees Slower Profit Growth in Q3 Despite Strong Year-to-Date Performance
Chinese home appliance leader Midea Group posted a 9% rise in third-quarter net profit, reaching 11.9 billion yuan (€1.44 billion), while revenue climbed 10% year-on-year to 111.9 billion yuan (€13.6 billion). Although still positive, the pace of growth slowed compared to the previous quarter.
For the first nine months of the year, Midea reported a robust net profit of 37.9 billion yuan (€4.6 billion), up 20% from the same period last year. Revenue rose 14% to 363.1 billion yuan (€44 billion). The Foshan-based company had previously recorded even stronger gains in the first half, with net profit surging 25% and revenue growing 16%
Appaloosa Doubles Down on Whirlpool Amid Slump
Appaloosa Capital has boosted its stake in Whirlpool to 5.5 million shares, now owning 9.8% of the company. Despite Whirlpool’s stock plunging 40% since July—hitting a 5½-year low—David Tepper’s move sparked a modest rebound, marking the first weekly gain in three weeks.
Whirlpool continues to face pressure from weak U.S. sales, shrinking margins, and rising debt, prompting a 48.6% dividend cut in July. Tepper’s bet suggests confidence in a turnaround, even as headwinds persist.
B&B Trends Acquires Ardes: A Bold Move in Europe’s SDA Market
At WhitegoodsNow, we’re always tracking the moves that shape the future of the appliance industry—and this one’s a big deal. B&B Trends has officially acquired Ardes, a respected Italian brand with deep roots in small domestic appliances. It’s a strategic play that not only strengthens B&B’s footprint in Italy but also signals a broader acceleration of their European growth.
🔍 Why Ardes Matters
Ardes isn’t just another name in the market—it’s a legacy brand trusted by millions of Italian households. Known for blending functionality with timeless design, Ardes brings decades of expertise to the table. This acquisition gives B&B Trends access to a rich product portfolio and a loyal customer base, while reinforcing their commitment to innovation that enhances everyday life at home.
🌍 What It Means for the Sector
This move reflects a growing trend: consolidation with purpose. By integrating heritage brands like Ardes, B&B Trends is positioning itself as a pan-European powerhouse in the SDA (small domestic appliance) space. Expect to see more cross-market launches, smarter product development, and a renewed focus on lifestyle-driven design.
🧠 Our Take
For industry watchers, this is more than a headline—it’s a signal of where the market is heading. Legacy meets agility. Tradition meets tech. And consumers stand to benefit from a new wave of appliances that are both intuitive and inspired.
We’ll be keeping a close eye on how this partnership evolves—and what it means for innovation, sustainability, and competition across Europe
LG’s profits rise, but sales decline in Q3
LG Electronics today announced its global financial results for the third quarter of 2025, reporting consolidated revenue of €13.2 billion and operating profit of €420 million. In the third quarter of 2024, sales were €14.76 billion. However, profit was significantly lower: in euros, it was only €50 million.
The Home Appliance Solution (HS) and Vehicle Solution (VS) divisions posted particularly strong performances, despite external challenges posed by U.S. tariffs and the slowdown in the electric vehicle market. The results reflect the ongoing transformation of LG’s business portfolio and commitment to qualitative growth, which includes B2B solutions such as vehicle and HVAC systems, the expansion of non-hardware businesses such as subscription services and the webOS platform and new direct-to-consumer business models.LG Home Appliance Solution (HS) Company
The HS division posted revenues equivalent to €4 billion and an operating profit of €220 million. This division also reported a decline in sales, which had been 8,340 billion won compared to 6,580 billion won in 2025, and profits fell from 527 billion to 366 billion won. Optimization of production sites and improved operational efficiency largely absorbed the impact of the U.S. tariffs, ensuring higher profitability than the previous year.
For the fourth quarter, the global home appliances market remains challenging, with demand recovery still weak and competition increasing. The division aims to continue expanding its subscription and digital businesses, strengthen qualitative growth, and improve profitability through cost review and fixed expense reduction
Elica Grows Despite Tough Market
Elica reported €349.5M in revenue for the first nine months of 2025, up 2.3%. Q3 saw a 5.1% boost, driven by new Cooking products in EMEA and Engines growth in Europe.
Margins dipped, with EBITDA at €21.9M and net loss at €3.3M. CEO Giulio Cocci cited strong price pressure but emphasized strategic investments and expanded distribution.
Full-year revenue is expected to reach €455M–€460M. Recent moves include expansion in Germany and the Netherlands, the Steel acquisition, and AriaChef’s award-winning debut in Japan.
Midea’s Q3 Surge Signals a New Era for Smart Living in Europe
Midea has just wrapped up an extraordinary third quarter, marking a pivotal moment in its global journey—and nowhere is that momentum more tangible than in Europe.
🚀 Q3 Highlights:
– Revenue: RMB 363 billion
– Profit: RMB 37.8 billion
– B2B Growth: Now accounts for over 30% of total revenue
– Overseas OBM Business: Up 45% year-over-year
These figures reflect more than just strong financials—they signal a strategic shift. Midea’s transformation from “Made in China” to “Created by Midea” is accelerating, powered by a robust global brand strategy and a surge in overseas demand.
Europe: A Frontline for Innovation
In Europe, Midea’s evolution is unfolding in real time. The region is witnessing:
– Deeper customer partnerships that foster trust and long-term collaboration
– Localized innovation tailored to European lifestyles and sustainability goals
– A stronger brand presence across key markets, from appliances to smart home solutions
This isn’t just growth—it’s a redefinition of what smart living looks like. Midea is not only delivering cutting-edge products but also shaping the future of home technology through meaningful engagement and regional relevance.
As Q4 begins, all eyes are on Europe as Midea continues to push boundaries and set new standards in the white goods industry.,
Electrolux Unveils Global Restructure
Electrolux CEO Yannick Fierling has announced a sweeping global reorganisation aimed at sharpening the company’s customer focus—particularly in the Asia-Pacific (APAC) region. The restructure, effective 1 January 2026, marks Fierling’s one-year anniversary at the helm.
Under the new framework, Electrolux will replace its existing ‘Business Areas’ with newly defined ‘Regions.’ The former Europe, Asia-Pacific, Middle East and Africa (BA EA) division will be split into two distinct entities:
- Region Europe, Middle East & Africa (EMEA)
- Region Asia-Pacific (APAC)
Fierling explained that APAC will concentrate on commercial functions such as marketing, sales, and product lines, while other regions will also oversee operations like manufacturing. “These changes are designed to enhance customer responsiveness in APAC,” he said, noting that the new regional head will be announced soon.
Electrolux ANZ Managing Director Kurt Hegvold welcomed the restructure, calling it a win for the local market. “It brings our voice closer to senior leadership and strengthens ties with key partners and consumers. A flatter, leaner structure will help us move faster and serve customers more effectively,” he told Appliance Retailer.
Alongside the geographic overhaul, Electrolux has confirmed several leadership appointments:
- Eduardo Mello becomes Head of Region Latin America, succeeding Leandro Jasiocha. Mello previously led Global Food Preservation and served as Commercial VP for Latin America for a decade.
- Leandro Jasiocha steps into the role of Head of Region EMEA, replacing Anna Ohlsson-Leijon, who is departing to pursue external opportunities. Fierling praised Ohlsson-Leijon’s strategic leadership and lasting impact on the Group.
- Patrick Minogue has been named Head of Region North America, following the retirement of Ricardo Cons.
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