De’Longhi ‘s earnings in 2024 will be even better than expected: the company has raised its guidance for the year, estimating revenue growth in the range of 11%-12% in 2024 versus the previous 9%-11%, with an adjusted EBITDA of between 540-550 million euros versus the 500-530 million previously expected.The group’s net profit for the first nine months was 173.8 million euros, equal to 7.8% of revenues, improving from 7.1% previously and with an increase of 22.2%. In addition, De’ Longhi generated a positive cash flow, before dividends and extraordinary transactions, of 35.6 million euros.
As of September 30, 2024, the Group’s net financial position was positive at 266.1 million euros
Category Archives: Manufacturing
Beko Europe in Italy
Beko Europe’s Meeting with Italian Social Partners: A Disappointing Update
On November 7th, a long-awaited meeting took place at the Ministry of Industry and Made in Italy in Rome. The meeting, attended by Beko Europe CEO Ragip Balcioglu, was intended to address the company’s operational challenges in Italy. However, the outcome was far from positive.
During the meeting, Beko Europe outlined several significant issues impacting its Italian operations:
* Weakened Consumer Demand: A notable slowdown in consumer demand across Europe has negatively affected the company’s sales.
* Intensified Competition: Increased competition from Asian market players has further eroded Beko Europe’s market position.
* Negative Business Performance: Despite substantial historical investments, the company has experienced negative business performance.
* Structural Overcapacity: Italy’s manufacturing facilities are facing challenges due to structural overcapacity.
These factors have collectively created a challenging environment for Beko Europe’s Italian operations. The meeting with social partners aimed to discuss potential solutions and strategies to mitigate these issues. However, the specific details of the discussions and any proposed solutions have not been publicly disclosed.
As the company navigates these turbulent times, it remains to be seen how Beko Europe will adapt to the changing market dynamics and ensure the sustainability of its Italian operations.officially announced the closure of factories in Poland and the group’s only plant in the United Kingdom, the spotlight is now on Italy where Beko has 4,400 employees, exceeding 5,000 with temporary workers.the historic refrigeration line in Cassinetta di Briandronno (but not the line dedicated to built-in ovens and microwaves); the entire Siena plant (dedicated to the little-selling category of chest freezers) and the Comunanza site engaged in the production of washing machines and washer-dryers, also produced in Beko’s plants in Turkey and in what until the merger was Beko’s only industrial presence in Europe: the Ulmi plant.
In total, according to press sources that followed the event, at least 1,000 jobs are at risk among the 4,400 employees in Italy, excluding temporary workers.
Turkish home appliance manufacturers express concerns
The Turkish White Goods Manufacturers Association (TÜRKBESD) has raised alarms about the potential repercussions of ongoing anti-dumping investigations on essential materials such as stainless steel and sheet metal. These investigations could lead to increased production costs and inflation.
Taxes on crucial materials, including stainless steel, sheet metal, and polystyrene, which constitute 17-18% of production costs, might elevate product prices by 5% and diminish international competitiveness.
This scenario could shrink Turkish manufacturers’ global market share and export capacity. In September, Turkey’s domestic white goods market experienced a 15% decline
Haier targets India growth
Pending government approval, Haier’s joint venture aligns with its growth strategy to meet India’s rising demand.Haier Group is planning a joint venture (JV) with India’s JSW Group, aiming at a proposed investment of Rs 1,000 crore. Sources indicate that Haier has submitted its proposal to the Indian government, as required under Press Note 3 of 2020, which mandates government approval for investments from countries sharing land borders with India. The application is currently under review by an inter-ministerial committee headed by the Home Secretary.
Pollutants from gas stoves kill 40,000 Europeans each year
Gas stoves kill 40,000 Europeans each year by pumping pollutants into their lungs, a report has found, a death toll twice as high as that from car crashes.
The cookers spew harmful gases linked to heart and lung disease but experts warn there is little public awareness of their dangers. On average, using a gas stove shaved nearly two years off the lives of those who died, according to a study of households in the EU and UK
Beko close UK factory
Beko Europe told staff last month that its Hotpoint UK factory in Yate, near Bristol, will close on December 31.
The decision means the end of more than a century of manufacturing at the site on Station Road.
A spokesperson from Beko Europe said all affected staff have been notified and that they are “grateful for their continued efforts”.
Groupe SEB financial update
Groupe SEB releases its 2024 nine-month sales and financial data Solid Growth in Q3 on a demanding comparison base, full-year outlook confirmed: ✅Nine-month sales: €5,725m, +5.6% LFL* and +3.5% reported ✅ Third-quarter sales: €1,985m, +4.0% LFL and +3.4% reported ✅Nine-month Operating Result from Activity: €444m, +14% ✅Nine-month operating margin: 7.8% vs 7.0% in 2023 ✅Outlook for 2024 confirmed: – Organic sales growth of around 5% – Operating margin close to 10% *On a like-for-like basis (organic) 📣“Sales momentum was strong in the first nine months of the year, and we continue to generate robust organic growth in the third quarter. Small Domestic Equipment markets have remained buoyant in recent months. In this context, the Group’s sales growth accelerated and was bolstered by the rollout of innovations, in particular in Western Europe and North America. Sales in Professional decreased compared to an exceptional third quarter last year, reflecting the phasing of large deals rollout. The core business excluding large deals, however, has seen a noteworthy increase over the quarter. Our Operating Result from Activity rose by 14% over the nine-month period.
Midea eyes bigger global market share
Midea Group, the world’s largest maker of white goods by sales, is eyeing significant global expansion of its sales network to encompass 40 countries by 2025.
Fresh off raising US$4.6 billion in Hong Kong’s largest initial public offering (IPO) in more than 3 years the Foshan-headquartered company is looking to markets like Saudi Arabia, Brazil and Africa as part of a focus on burgeoning economies with substantial growth potential, according to Lewis Fu, the company’s president of international business.
The company, which gets almost half of its revenue from overseas markets, relies on outside retail operators in some regions. But it plans to expand its global operations and do a “better job” with its own retail network, particularly in emerging markets where the “growth potential is large”.
“Currently, we have our own sales subsidiaries and organisations in about 30 countries worldwide,” Fu said during a press tour on Thursday. “In the future, we will expand to more than 40.Midea has about 44 manufacturing bases worldwide, half of which are outside China, with more manufacturing facilities “under way in the coming years”, Fu said.
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Gorenje to close components plant
Gorenje, part of China’s Hisense Group, said on Tuesday it is closing the components production plant in Rogatec, eastern Slovenia, as it is no longer competitive.The Gorenje plant in Rogatec, where components for refrigerators and freezers are manufactured, will be closed at the end of August 2025, and production will be greatly reduced at the end of this year,” Mateja Celin, a corporate communications officer with Gorenje, said in a statement to SeeNews.
The production of refrigerators and freezers, the components for which are made in Rogatec, has been taking place in Valjevo in Serbia for years now, Celin explained.
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