Electrolux warned it may struggle to meet demand through the rest of the year and into 2022 due to global supply-chain challenges, after its profit slumped in the third quarter as component shortages held back production.
Europe’s biggest home appliances maker said it still sees demand normalising above pre-pandemic levels but flagged limited availability of some product categories through the year, with regional variances.
“We continue to have a tight collaboration with suppliers to mitigate global supply shortages, but we estimate that the fourth quarter will be even more challenging than the third quarter,” the rival to Whirlpool said in a statement.
“Although we anticipate sequential improvements in 2022, we expect challenging conditions to remain in meeting continued strong demand.”
Category Archives: Financial
Samsung profit jump
Samsung Electronics posted a 28pc jump in operating profit on Thursday despite global supply chain challenges caused by the pandemic.
The world’s top chipmaker saw its operating profit reach 15.8 trillion won (£9.8 billion) for the July-September period, it said in a regulatory filing.
Its sales rose 10pc to a record £45.9 billion on the back of strong performance from its memory chip division thanks to sustained global demand.
Haier investment in Turkey
The past weekend was very unique for Haier Europe. They have celebrated the expansion of the company’s largest European production and xport center in Turkey with a ceremony attended by President Recep Tayyip Erdoğan and many national and local stakeholders.
With an overall €85 million investment and 1,600 jobs creation, we’ve opened the new tumble dryer platform which will further be enriched by the dishwasher factory that will be operational in 2022.
AO invests in new depot as it recruits more workers
This week, we opened a brand new 35,000 sq ft depot in Leeds.
Over the last 18 months, we have increased our warehousing capacity by over 80%, and this new site will initially create 29 new opportunities for people across Yorkshire.
Gorenje reinforces its position in Middle East
European home appliance manufacturer Gorenje has announced a long-term strategic partnership with Better Life, a premium specialist home appliance retailer, to further its reach in the UAE.
As part of a long-term commitment to the region, the brand also announced its association as an official partner of the 2022 FIFA World Cup.
Through the Better Life partnership, Gorenje aims to increase its distribution and service networks as well as create compelling value for its consumers. Products from Gorenje will be available in Better Life e-commerce and retail stores at Mall of the Emirates, City Centre Mirdif, Deira Outlet store, Abu Dhabi Mall and Dalma Mall, among others.
With its ongoing global sporting event partnerships and newly announced official sponsorship announcement with 2022 FIFA World Cup, Gorenje anticipates creating a significant branding impact to further its growth and sales across the region.
“At Gorenje, we aim to identify partnerships that enable us to stay at the forefront catering to the consumer needs of the industry,” said Jason Ou, Managing Director, Gorenje Gulf. “Today, we are delighted to announce our partnership with Better Life, home to the world’s best brands in kitchen appliances, to further our prospects in UAE – one of the key markets for Gorenje. Partnering with Better Life gives us unrivalled networks and routes to market our products and boost our presence all across UAE.
Samsung forecasts near-30% jump in Q3 operating profit
South Korean tech giant Samsung Electronics defied the global supply chain challenges to forecast a near-30-percent jump in third-quarter operating profits on Friday.
The world’s biggest smartphone maker said it expected its operating profits to reach around 15.8 trillion won ($13.3 billion) in a regulatory filing, up 27.9 percent year-on-year.
The controlling interest of Elica Pb India sold to Whirlpool India
Elica, Italian manufacturer of kitchen range hoods, announced the completion, following the fulfilment of certain bureaucratic formalities, of the transaction for the sale of the controlling interest held in Elica PB India Private Ltd., announced on September 27, 2021. Elica therefore sold to Whirlpool of India Ltd. approx 19% of the share capital of the Indian subsidiary Elica PB India Private Ltd., together with the other Indian minority shareholders disposing of an additional approx. 19%.
Following the sale, Whirlpool of India holds approx. 87% of Elica PB India Private, while Elica and the group of other Indian minority shareholders retain a holding in the Indian company with a stake of approx. 6% each. Simultaneous to the purchase of the shareholding by Whirlpool of India, Elica PB India Private Ltd. signed new product supply and license agreements for the use of the Elica brand (Trademark & Technical License Agreement) and the Whirlpool brand (Trademark License Agreement) respectively in India.
Elica S.p.A., Whirlpool of India Limited and the other Indian shareholders also signed a shareholder agreement which stipulates, among other matters, a prohibition on the sale to third parties of their respective investments in Elica PB India Private Ltd within 90 days from the approval of the financial statements of Elica PB India Private Ltd for the year ending March 31, 2024.
Marks Electrical plans to list after sales boom
Marks Electrical today revealed plans to list on London’s junior AIM market after benefiting from the pandemic online shopping boom.
The company, launched in 1987 by founder-CEO Mark Smithson from his father’s Leicester garage, saw revenues soar by 78% to £56 million in the year to end March
Iran Bans Import of South Korean Home Appliances
Iranian President Ebrahim Raisi instructed the ministries of commerce and economy to ban imports from South Korea’s home appliances companies, following orders from Supreme Leader Ali Khamenei.
Khamenei’s orders came in response to a request by several domestic home appliance manufacturing companies to prevent the import of foreign-made home appliances into the country, a reference to Samsung and LG.
+12% for German electrical and electronic exports in the first seven months 2021
Zvei, the German electrical and electronic manufacturers’ association, reported the export data of the industry during July 2021 and during the first seven months of the year. According to the Association, the exports of the German electric industry grew by 6.8% (year on year) to 18 billion euro in July 2021. «The recent increase – Zvei comments – was smaller than in the four preceding months, in which the deliveries abroad still had advanced with double-digit rates –of course, not least because of base effects».
In the full first seven months of this year the sector’s exports reach the value of 126.7 billion euro, recording a growth of 12% compared to the year earlier. Imports of electrical and electronic goods, instead, surpassed their corresponding pre-year level by 9.8% in July, totalizing 16.6 billion euro. Here the pace of expansion slowed down, too. Accumulated from January through July 2021 the incoming deliveries reached 121 billion euro. With it, they were up 16.5% on their pre-year level.
Electric exports to the industrialized countries reached 11.5billion in July 2021 (+8.1% year over year). The highest increases were reported for the deliveries to Taiwan (+18.3%), South Korea (+17.8%), the Czech Republic (+14.7%), Italy (+13.5%), the Netherlands (+13.2%) and Sweden (+12.9%). Regarding deliveries to the emerging markets, Zvei reported a merely climbed by 4.5% (year-on-year) in July 2021. With an increase of 53.3% the biggest plus was recorded for exports to South Africa, while deliveries to Brazil (+43.3%) and India (+39.7%) were starkly on the rise, too.
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