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Category Archives: Financial
Midea hit by hackers
REvil says they breached electronics giant Midea Group
Hackers claim to have stolen around 400 GB of data, including firmware source code and financial data. If confirmed, the hit would be REvil’s biggest in months.
Notorious hacker cartel REvil, labeled dead for several months, appears to have come back to life. The group says it has breached Midea Group, a major Chinese electrical appliance manufacturer.Midea Group employs over 150,000 people, owns over 200 subsidiaries, and boasts a revenue of over $53 billion. The company claims to be ranked 245 on the Global Fortune 500 list.
The company owns a majority stake in German company KUKA, the world’s largest robots and appliances producer.
Electrolux has decided to exit Russia
Russia’s invasion of Ukraine and the following sanctions have made it impossible for Electrolux to continue its business in the country. The decision to divest the Russian business to local management is intended to enable a responsible and controlled exit. The divested company will continue to service appliances previously sold by Electrolux in Russia. Electrolux has no production in Russia and will not supply any appliances to the divested company.
The final operating income and cash flow effects will be determined by the balance sheet and exchange rate on the transaction day.
In 2021 Electrolux sales in Russia accounted for 4% of Business Area Europe sales and for 1.6% of Group sales.
GE record production
Decatur’s GE Appliances plant had record production in 2020 and 2021 and is expecting another record year in 2022 after a 2020 expansion increased its capacity and allowed it to hire hundreds of new employees.
According to Leifje Dighton, executive director of the Decatur plant since March, the top-freezer refrigerator plant in 2020 completed a $125 million expansion which boosted production capacity by 25%.
“The investment came just in time as people were beginning to stay at home because of the pandemic and needed refrigerators and other appliances,” Dighton said. “We had a record production in 2020 with our second highest year in 2021. While the appliance industry is down this year, Decatur is on track to have another strong year with production at similar levels to 2020 and 2021.”The 2020 expansion included adding 40,000 square feet to the plant. Dighton said the extra space has been beneficial.The expansion investment allowed the plant to add 255 jobs. The plant now employs 1,500 people after adding a third shift.
“We are the largest single-site employer in this county,” Dighton said.
The expansion allowed the plant to produce two new models, the 19- and 22-cubic-foot refrigerators, in addition to the 16-, 17- and 18-cubic-foot models it already produced.We introduced a new refrigerant to our products, too, that from a greenhouse emissions standpoint was much better. We did it earlier than the industry was going to expect it,” Dighton said.
Wood said the Decatur plant sells in all 50 states and sells some products in Canada.
“We sell to national retailers such as Lowe’s, The Home Depot and Best Buy as well as independent appliance dealers, home builders and property management companies,” she said.
Dighton said GE Appliances, a 100-year-old manufacturer, is part of the largest appliance company in the world and GE appliances are in half of the homes in the U.S. In 2016, GE Appliances was acquired by the Haier Group
Midea financial report
Midea released its financial report for the first half of 2022, showing semi-annual revenue growth from 5.0% to RMB183.7bn. Net profit growth was even faster than revenue, coming in at RMB 16bn with a YoY 6.6% increase.
“China-Based Supply for the World + Local Supply”
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Balanced in both ToB and ToC businesses, Midea Smart Home revenue during the first half of 2022 was RMB126.9bn. According to AVC, Midea home appliance products ranked 1st during the first half of 2022 in both domestic online and offline market shares among 7 household appliance categories, including air conditioners and microwave ovens.
Industrial Technology achieved a revenue of RMB12.1bn with 13.3% YoY growth, and Midea’s global market of residential AC compressors increased to 44%, representing the 1st worldwide. The unit sales of motors for residential ACs and laundry appliances accounted for 42% of the global figures.
Franke financial report
In this demanding environment, Artemis Group/Franke performed well in the first half of 2022, achieving organic sales growth of 13.5%. Almost all of its business activities focused on on-time deliveries and largely compensated cost increases through price increases.https://www.franke.com/franke-group/en/presse/press-releases.html
Electrolux: investments in Italy are “under review”
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.
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.
