Category Archives: Financial

Amica

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The term of office of the current Management Board of Amica S.A. expires at the end of June. Therefore, on June 27, 2023, during the Regular Meeting of Shareholders, a vote was held on the candidates for the President of the Management Board and individual Members.

Jacek Rutkowski was appointed President of the Management Board. He has been performing this function continuously for 20 years. The four of vice-presidents were also approved during the meeting:
· Robert Stobiński
· Adrianna Harasymowicz-Stajkowska
· Paweł Biel
· Michał Rakowski

The term of office of the newly elected Management Board will last four years (2023-2027). The detailed division of responsibilities within the Management Board will be approved at the meeting in early July.

Frasers getting into appliance retail

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Frasers has upped its stake in AO World and Currys as it continues its acquisition spree.

The Mike Ashley owned group raised its holdings in the Bolton-based online electrical retailer for the third time this month to 22.2% from 21.3%.

It also lifted its shareholdings in Currys to 10.4%, which it said last week was part of a “strategic investment” as it looks to increase its “foothold in the electricals industry”.

Amazon-iRobot: the EU Antitrust

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Amazon’s $1.7 billion acquisition of iRobot is subject to an antitrust investigation by the European Union. iRobot which first introduced its Roomba robot vacuum cleaner in 2002 is of interest to Amazon which is already on the market with its products and which could integrate iRobots with the popular Alexa voice assistant.

The British antitrust recently examined the agreement giving its go-ahead but the European Commission’s investigation risks further postponing the effects of the acquisition. The preliminary investigation will conclude in early July, the Antitrust could carry out a supplementary investigation and ask for another 4 months. Amazon announced the deal in August 2022

Haier Europe growth strategy

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The partnership with the ATP Tour is part of Haier Europe’s growth strategy, which aims to become one of the Top 3 household appliances in Europe by 2026. , what is most impressive is how quickly the group manages to grow. Since acquiring Candy-Hoover in 2019, we have seen the strongest market growth in Europe over the past four years.”

Last year, Haier Europe achieved a turnover of 3.2 billion euros, up 20%,Haier is the appliance group that has invested the most in Europe over the past 30years, The three manufacturing sites, tumble dryers in Turkey, Refrigeration in Romania and dishwashers in Turkey created over the past two years represent an investment of more than 180 million euros. In 2023 and 2024, the increase in our production capacities will continue with three new industrial investments in high-end cooking (Turkey), washing machines (Turkey) and large-capacity cold (Romania).This rapprochement with the ATP provides Haier with exceptional coverage in Europe and internationally. Haier is growing in turnover and production capacity

Bosch factory Russia

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Bosch’s two idle manufacturing sites near St. Petersburg are set to be purchased by Chinese household appliances manufacturer Hisense, German multinational previously said that Ukraine-related sanctions had either interrupted most of its business in Russia, or brought it to a standstill for many months.

Hisense has already purchased some Russian assets belonging to Bosch, one of the sources told the media.

Bosch reportedly announced an internal tender earlier this year, with Hisense and another Chinese appliance maker, Midea, as well as an unnamed Turkish investor, emerging as potential bidders.The German corporation used to produce refrigerators and washing machines at its two production sites in the suburbs of St. Petersburg. Bosch’s Russian division received most of its components from EU countries.

Frasers acquires stake in Currys

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Frasers Group, the retail empire founded by billionaire entrepreneur Mike Ashley, has snapped up an 8.9% stake in Currys, with the news coming a little over a week after the group acquired a substantial portion of online electricals retailer, AO World.

Frasers’ shareholding in Currys is worth around £53.5m given the firm’s market capitalisation of £601.9m.

Whirlpool settles trade secrets case against exec who joined rival Haier

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Whirlpool on Thursday agreed to drop a U.S. lawsuit against its former Italian executive Davide Cabri that accused him of stealing trade secrets for a move to its competitor Haier. Whirlpool and Cabri told a Delaware federal court they would dismiss the case with prejudice, which means it cannot be refiled. Whirpool said in a statement on Friday that the dispute had been resolved and that it was satisfied with the settlement.

Currys reviews Greek business

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Currys has launched a strategic review of its Greek business Kotsovolos, which it said could lead to the sale of its operations.

The electricals retailer said it believes the strength of its Greek brand and long-term track record of profitability “are not currently reflected in the group’s valuation”.

Kotsovolos, which also has an emerging presence in Cyprus, has a unified commerce platform and an expansive range of products and servicesChief executive Alex Baldock said: “Currys’ performance is robust in UK&I, where our transformation is working, and we’ve taken action to drive a profitable recovery in the Nordics.

“Kotsovolos is an excellent business with a bright future, and now is the right time to assess how best to take Kotsovolos forward to maximise value for our shareholders.”

Last month, Currys revealed its Nordic operations were being investigated by the European Economic Area regulator over a possible violation of competition rules in Norway