Key Financial Results
Revenue: €658.8m (up 9.4% from 1Q 2023).
Net income: €51.3m (up 33% from 1Q 2023).
Profit margin: 7.8% (up from 6.4% in 1Q 2023). The increase in margin was driven by higher revenue.The persistent growth of the coffee business, as well as the recovery of the nutrition and food preparation category, led to an organic increase in turnover at constant currencies in the high single digits for the third consecutive quarter. The consistency of trends, combined with the one-month consolidation of the business combination between La Marzocco and Eversys, enabled the Group to increase turnover by about 10%”, commented CEO Fabio de’ Longhi.
Category Archives: Manufacturing
Seb group posts sales at +7.3% in the first quarter
The small household appliances market is doing better than that of large household appliances and the figures published by Groupe Seb confirm this trend. The French leader announces sales of €1,893 million for the first quarter of 2024, an organic increase of 7.3the first quarter, Groupe Seb achieved sales of €1,893 million, an organic* increase of 7.3% and 3.9% based on published data. The currency effect remains penalizing over these first 3 months with a negative impact of €75 million, or -4% of sales, but this trend should ease over the months. The scope effect has a positive impact of 0.7% or €13 million. The latter includes the consolidation of La San Marco, Pacojet and Forge Adour.
Haier manufacturer in Egypt
Haier Smart Home officially inaugurated the Egypt Ecological Park, marking a significant step in deepening its market presence in the Middle East and Africa and another milestone in its global expansion. Spanning 200,000 square meters with a designed capacity exceeding 1.5 million units, the Egypt Eco-Park’s first phase started in March with trial production of air conditioners and televisions. This month washing machines will be added, reaching a total production of more than 900,000 units per year. The second phase will include refrigerators, freezers, The Egypt Eco-Park will support the local economy by creating over 2,000 jobs
Whirlpool job cuts
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow U.S. home sales limit demand.
The company has completed its first wave of layoffs of office staff and is planning to start another soon, Chief Financial Officer Jim Peters said in an interview. Earlier this year, the company said it was cutting jobs without saying how many. Whirlpool employed 59,000 workers worldwide as of the end of 2023.Shares of Whirlpool fell to their lowest price in more than four years
Miele welcome right to repair
Miele has stated they are welcome the EU Parliament’s decision on the right to repair, which will give even more impetus to the issue of repairability. In most cases, repairing their durable appliances not only helps Miele customers save money on a new purchase, but also contributes to environmental and climate protection by reducing electronic waste and conserving resources.
At Miele, we test our domestic appliances for a service life of up to 20 years. Of course, we cannot rule out the possibility that Miele appliances may become defective, but as repairs are generally less expensive and more sustainable than replacement, Miele maintain an extensive service network with qualified technicians. Miele also stock around 72,000 different spare parts and keep working parts in stock for at least 15 years after a product has been discontinued.Mieles approach is therefore inherently geared towards longevity and sustainability. Miele are not resting on their laurels, however, but are working to make service and repair solutions even better.
Miele hope that the EU directive will be implemented as uniformly as possible in all EU member states in order to minimise the implementation effort for market players
Midea to acquire Arbonia HVAC businesses
Midea has agreed the €760m purchase of Swiss group Arbonia’s Climate Division, which includes HVAC businesses Sabiana, Termovent and Tecna.
The acquisition through Midea subsidiary Midea Electrics Netherlands BV follows an announcement by Arbonia at the end of February that it had received several “unsolicited expressions of interest” in purchasing its HVAC businesses
Arçelik Completes Acquisition of Whirlpool’s Moroccan and UAE Subsidiaries
Arçelik, consumer brand Beko’s parent company, completes acquisition of Whirlpool’s MENA operations, marking a significant milestone in its growth strategyThrough this transaction, Arçelik now owns Whirlpool’s UAE and Morocco entities and manages Whirlpool’s MDA business operations in the MENA region
By combining its deep industry expertise with Whirlpool’s invaluable know-how, regional infrastructure and market presence, Arçelik will work to solidify and expand its footprint in the region
The brands we will offer in the MENA market through such acquisition are Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht, Privileg and Ignis
Record profits and margins for Midea in 2023
Midea Group closed 2023 with an 8.1% growth in turnover, reaching 373 billion yuan (around 48 billion euros) and above all a boom in cash flow: + 67% and in profits: + 14% at 33.7 billion yuan (4.3 billion euros). The gross margin of the Chinese group is in fact around 26-27%. Sales increased both in China (+9.9%) and in the rest of the world (+5.8%). Midea exported 151 billion yuan (19.5 billion euros).
Midea has 45% of the world air conditioning compressor market and is a leader in the Chinese washing market but is increasingly present in advanced technological sectors such as industrial automation and green technologies.Midea products have been exported to more than 200 countries and regions around the world, and the company continues to expand its production facility abroad, promoting the construction of production centers in Indonesia, India, Thailand, Brazil, Mexico, Italy , Egypt
Whirlpool Corporation Completes Major Milestone
Whirlpool Corporation today announced the completion of its transaction with Arçelik A.Ş (“Arcelik”). This marks a significant step in Whirlpool’s portfolio transformation and is expected to provide considerable opportunities to maximize value.
The transaction creates a new European appliance company by combining Whirlpool Corporation’s European major domestic appliance business with Arcelik’s major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses. Whirlpool Corporation now owns 25 percent of this new entity, called Beko Europe B.V., and Arcelik owns 75 percent¹. Whirlpool Corporation is retaining ownership of InSinkErator and its EMEA KitchenAid small and major domestic appliance business. Separately, Whirlpool also completed its previously announced sale of Whirlpool’s Middle East and Africa business to Arçelik A.Ş.Beko Europe B.V. will have combined revenue of approximately €5.5² billion based on 2023 results. The company will be well-positioned to deliver value to consumers through attractive brands, sustainable manufacturing, product innovation and consumer services.
The transaction is expected to deliver more than $750 million in net present value of future cash flow value, in addition to unlocking $200-$300 million of incremental free cash flow in 2025. Additionally, Holger Gottstein and Gilles Morel, two members of Whirlpool Corporation’s Executive Committee, will be appointed to the board of directors of Beko Europe B.V.
Whirlpool Corporation will focus on its strong positions in the Americas and India, with its No. 1 share position in the major domestic appliance businesses for both North and South America. Additionally, new products, including those from the higher-margin KitchenAid small domestic appliance business, are expected to continue to be a key driver for share and profit growth
Farewell to Roberto Bertazzoni (Smeg)
On March 31, Roberto Bertazzoni died at the age of 81. He had been at the helm of Smeg as president and CEO since the 1970s , now directed by his son Vittorio. Appointed Cavaliere del Lavoro in 1993, Roberto Bertazzoni was the protagonist of the industrial epic that led the Smalterie Metallurgiche Emiliane Guastalla founded by Roberto’s father in 1948 to become a multinational with around 2,600 employees and a turnover of 900 million. The funeral on Tuesday 2 April in the cathedral of his Guastalla
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