Electrolux announced it to the unions: The plan of at least 70 million euros planned for the Italian plants, in particular that of Solaro (dishwasher) “is under review”. The plan was announced in July by head of HT Ruben Campagner and included 600 new jobs The Swedish multinational, which in Italy has about 5,000 employees between Porcia (washing), Susegana (cooling), Forlì (ovens and hobs), Solaro (dishwashers) and Cerreto d’Esi (hoods), should have met the trade unions at the summit of national coordination on 31 August to discuss the operating methods of the announced investment in Solaro for the new dishwasher facility.
Category Archives: Financial
Whirlpool rumour. To exit Europe within 16 months?
Rumours that Whirlpool is to sell all European industrial and commercial assets by June 2024.
Electrolux Professional £3m decision
Electrolux Professional’s decision to cease activities in Russia has cost it around £3m.
The company revealed recently that following an assessment of business continuity in country, it was no longer feasible to run a business there.
Operations in Russia have now been divested to local management.
Rational pulls out of Russia
Rational said that pulling out of the Russian market would not have a significant impact on its finances. The manufacturer expects global sales in 2022 to be 10% to 15% higher than the €780m (£663m) it generated last year.RATIONAL has made this decision in response to the economic and political developments resulting from the Russian war in Ukraine.
With over 1,000,000 RATIONAL units on the market, our cooking systems have become a standard in professional kitchens all over the world.
AO loss of £37 Million
Online electrical retailer AO.com posted a full-year pre-tax loss of £37million, compared with a profit of £20million for the same period last year. The group expects sales to fall go £1billion to £1.25billion in its current year, down from £1.56billion last year.The electricals specialist has also signed a new five-year contract with Homebase to supply appliances and installation and recycling services to its customers
Groupe SEB releases its 2022 Half-year Sales and Results.
First-half sales: €3,666m; +1.6%, -2.3% LFL*
Second quarter sales: €1,750m; -0.4%, -5.1% LFL*
First-half Operating Result from Activity (ORFA): €199m, -€121m vs 2021
Second quarter ORFA: €59m; -€63m vs 2021
Profit attributable to owners of the parent: €72m, -€79m vs 2021
Net financial debt at June 30, 2022: €2,447m, up €597m vs June 30, 2021 (inventory building to address supply chain tensions)
Full-year assumptions revised:
Overall stable 2022 sales vs 2021
Operating margin from activity in the range of 8% to 8.5%
* LFL: like-for-like (at constant exchange rates and scope) – Changes vs 2021.
2022 started in a favorable environment, which deteriorated in the second quarter, with the war ongoing in Ukraine, currency volatility and the acceleration in inflation.
Sales were resilient, driven by an excellent performance in China and by the solid momentum in the Professional business. As in 2021, the Group absorbs the impact of headwinds while the operating profitability is temporarily hit by the combined effect of the slowdown in second-quarter business in Europe and the continuation of investments already undertaken.
We keep on fueling our growth pillars: China, where we will exceed €2bn revenue this year, with great development prospects ahead; the Professional activity which is paving the way for new buoyant and profitable markets; innovation and digitization, which represent fundamentals in our businesses.
We do not expect any significant improvement in the economic situation before year-end in mature countries. This leads us to target for the full year overall stable sales and an operating margin in the range of 8% to 8.5%.
I know I can count on the commitment and agility of our teams throughout the world to pursue our strategy of profitable growth.
Stanislas DE GRAMONT, Chief Executive Officer of Groupe SEB
Appliances in the world
According to the calculations by Statista agency, in 2021 the household appliances, big and small, for a total value of 448 billion dollars, were sold in the world. 74% of the amount comes from big appliances, 26% from small ones. The cooking sector represents 38% of the total, followed by the cold one with 22%; 17% goes to washing, whereas the remaining 23% is subdivided among all other appliances.
Midea growth
Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.
Midea in 245th place among the Fortune 500
Growing by 20% in 2021, the Chinese group had a turnover of about 50 billion euros last year and invested over 7 billion in the last five years in Research and Development.
Midea in 245th place among the Fortune 500
Midea climbs to 245th place in the 2022 version of the ranking of the world’s 500 largest companies drawn up annually by Fortune. The turnover of the Chinese group grew by 20.06% in 2021, reaching an all-time high of 343.4 billion yuan, equal to about 50 billion euros at the current exchange rate.
As reported in a press release from the group , Midea pursues the goal of “Technological Leadership” and accelerates its transformation based on technology in all sectors of intervention. In the home appliance under the banner of the ‘smart home’ you are committed to providing the best experience of appliances and services for the whole home through the use of IoT and AI technology.
The Midea Group employs 160,000 people, of which over 30,000 are outside China. Over the past five years, Midea has invested nearly 50 billion yuan (7.2 billion euros) in research and development and has 35 research and development centers and as many manufacturing bases around the world. Midea products and services are used and appreciated by 400 million consumers in over 200 countries and regions.
Whirlpool to Buy Insinkerator Waste-Disposal Business in $3 Billion Deal
Whirlpool Corp. agreed to buy Insinkerator, Emerson Electric Co.’s Waste-disposal business, in a $3 billion transaction
InSinkErator, which has an over 70% market share in the food waste disposal industry, is a popular household name in the United States.
Amazon’s takeover bid on iRobot
Amazon has put $ 1.7 billion on the table to buy the entirety of the shares of iRobot, the American company known worldwide for the Roomba series of robot vacuum cleaners, as reported by the Wall Street Journal . Although the company is the reference brand in the sector, it has probably suffered from the growing competition due to the success of the category and in recent months it has lost profitability closing its balance sheets in deficit.
The stock, which was worth 68 dollars at the beginning of 2022, had dropped to around 35 in mid-July and then climbed back to 50 dollars per share. Amazon offering $ 61 in cash provides a premium of around 20%. The total investment envisaged by Amazon: 1.7 billion, is slightly higher than the 2021 turnover: 1.56 billion. Amazon is also committed to clearing the company’s debt.
The market does not seem to expect a further offer. Amazon is committed to building an ecosystem of home appliances to make Alexa the ‘smart home’ hub competing with Google.
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