Carrier Global Corporation has entered into a definitive agreement to sell its Carrier Commercial Refrigeration business to Chinese manufacturer Haier for $775m.
Carrier announced plans to exit its Commercial Refrigeration business, along with its Fire & Security interests, when it acquired German manufacturer Viessmann in April.
The deal with Haier, which includes approximately $200m of net pension liabilities, represents about 16.5x 2023 expected EBITDA.
Haier has valued its 100% equity acquisition at approximately $640m which, it says, represents 11x P/E.
Carrier Commercial Refrigeration has more than 4,000 global employees and a sales and service network spanning Europe and the Asia Pacific region. Its brands include Profroid, Celsior and Green & Cool. Carrier Transicold transport refrigeration, Sensitech and its Lynx digital cold chain platform are not included in the transaction.
The two companies have operated a joint venture business, Qingdao Haier-Carrier Refrigeration Equipment Co, since 2001. The JV is committed to providing advanced energy-saving systems, including CO2 refrigeration systems, for customers in the Asia Pacific region.
Category Archives: Manufacturing
Electrolux Rayong factory anniversary
Electrolux Rayong factory in Thailand recently celebrated its 20th anniversary. And what a journey it has been. On November 27, 2003, the first washing machine rolled off the assembly lines, marking the start of Electrolux manufacturing story in Thailand. Fast forward 20 years and the factory has grown into one of our key manufacturing sites. In 2022 alone, the factory produced 1.6 million appliances – including washing machines, dryers, refrigerators and gas and electric hobs – exported to 43 countries around the world.
German appliance maker Miele selects Alabama for its first U.S. factory
Governor Kay Ivey announced Thursday that Miele, the world’s leading manufacturer of premium domestic appliances, has selected Opelika as the location for a U.S. manufacturing hub that will employ hundreds of workers.
Germany-based Miele is launching a long-term growth project in the East Alabama city that ultimately will create several hundred jobs and see the company build a major production facility serving multiple business units as its U.S. business expands.
“Miele is one the world’s most iconic brands, and we’re thrilled to have this great company select Alabama as the home for its first U.S. manufacturing facility,” said Governor Ivey. “Miele is a wonderful addition to our state’s business community, and I look forward to the day when its new Opelika facility is turning out first-class ‘Made in USA’ appliances coming from Alabama.”
Initially, Miele plans to occupy an existing facility in Opelika to jump start production of appliances, creating over 150 jobs by 2026. In Phase II of the growth project, Miele plans to build a large facility that will serve as the company’s major U.S. production center, creating an additional workforce by 2030
Haier France launched a new made in France range
Haier France presented a selection of new built-in products from its three brands (Haier, Candy, Rosières). The emphasis was particularly placed on Rosières, an expert cooking brand. In the spotlight, the new “Paul Bocuse” cooktops but also the “Collection Française”, a new range of cooktops made in FranceHaier presented the new products of its three brands – Candy, its accessible “smart” brand, Haier, its premium brand and Rosières, its expert cooking brand. As for Candy and Haier, the innovations presented in September at the IFA in Berlin were once again on display. But this event which took place in France was above all a perfect opportunity to focus on Rosières.
Johanna Rochman, Marketing and Communication Director at Haier France, points out to us how Rosières enjoys a special aura among professionals and consumers alike. “This brand has very strong values around authenticity, quality, reliability; it’s consumer feedback,” she explains. “What we seek to transmit in the brand’s DNA is conviviality, sharing, bistronomy, the warmth of life and good times around the kitchen. This is what we tried to convey on this stand.”Modernized vintage cooking ranges
This is why the group wanted to give a facelift to Rosières products while retaining its values and characteristics. “We are going to preserve this vintage aspect and build on this heritage while bringing a touch of modernity” comments Johanna Rochman. Cooking ranges are a good example of this.
The reissue of the Paul Bocuse cooking piano also takes pride of place on the group’s stand. The model presented, released in September, is a 90 cm reference equipped with two ovens – one of 70 L in pulsed heat with catalytic cleaning, and the second in smooth enamel, with natural convection, of 45 L. It is equipped a rotisserie – a very popular accessory but neglected by many brands according to Pascale Cordier, Manager of built-in products at Haier. As a reminder, these devices are manufactured in Italy, in Elba, in a factory specializing in cooking ranges bought by the group.
The models from the Paul Bocuse collection are available in modern colors – black, burgundy, cream and gray. In addition to this range, there will also be stainless steel versions, in different formats, including 60 cm models. At the beginning of 2024, Rosières will market a 120 cm reference which will use the original (with two ovens of 60 cm each). Several variations are also offered in terms of equipment, including gas and induction cooktops, etc. with various possibilities for customization and modularity.French Collection”: cooktops made in France
Until now, the group’s brand cooktops were produced in Turkey or Asia. Haier wanted to provide Rosières with a locally manufactured range, the French Collection. “Beyond the brand and the French heritage that we could communicate to the consumer, we wanted to offer a capsule collection in which this could be expressed in a very concrete and pragmatic way through the product” explains Pascale Ropemaker.
These hobs are distinguished by a matte gold screen printing, which provides “a warmer, more friendly appearance”. The range consists of models of different dimensions: 60 cm (ref RIEFS644SCA) and 70 cm wide (ref RIFS744SCA). They feature one Full Zone flexible zone or two, with automatic container detection technology. In addition, the VaryChef function allows you to automatically change the power level by simply moving the container on the table, for example to boil, simmer…
The French Collection is currently being launched. It will soon be available at Darty and Boulanger as well as in the network of kitchen designers. Please note that this range is completed by a perimeter suction hood (reference RDSV985PN
New cooking products from the group’s new factory
If Rosières was the star of the stand, all the group’s brands were represented, with a strong focus on cooking. And for good reason, all the new ovens presented by the group at the EspritMeuble show, whatever the brand, have one thing in common: they come from the new cooking factory which opened in Turkey in 2023. They are the first productions coming from this industrial platform. “This brand new factory will produce all ovens, whether those from Candy, Rosières or Haier. We keep the current factory; its vocation is to increase our production capacities to achieve our objectives in terms of market share” explains Pascale Cordier, who develops all of these devices in collaboration with her European colleagues.
Severin change at the top
SEVERIN, the internationally known German quality brand for electrical household appliances with a history of more than 130 years, is starting the year 2024 with new momentum and a clear goal to initiate the next phase of growth. Dr. Joyce Gesing and Gerhard Sturm, who are new to the company, will lead the company as co-CEOs from January 2, 2024. Gerhard Sturm is also appointed spokesman for the management. With Gerhard Sturm as Co-CEO, SEVERIN has gained an international sales and marketing expert with many years of experience in the world’s leading brand companies L’Oréal, Sony and Grohe.From January 2, 2024, Gerhard Sturm will be appointed Co-CEO and Managing Director of the international quality brand for household appliances SEVERIN, based in Sundern, Germany.
The previous sole managing director Dr. Despite a difficult market environment, Joyce Gesing has created the conditions for a new phase of growth and profitability over the last two years. In order to build on this development and strengthen it sustainably, Dr. Gesing and Mr. Sturm will divide the management tasks as co-CEOs from January 2, 2024 as followsGerhard Sturm is responsible for sales, marketing, product development, quality and customer service, with the mandate to further strengthen the SEVERIN brand and product portfolio and to further expand the company’s international presence. In addition, Mr. Sturm takes on the role of spokesman for the management.
Dr. Joyce Gesing is responsible for global purchasing, supply chain and logistics as well as IT, finance, human resources and transformation with the aim of further accelerating the structural alignment of the organization, processes and systems towards global growth and operational excellence.
The appointment of Gerhard Sturm as Co-CEO marks another milestone in the development of SEVERIN. The personnel is the next logical step to further strengthen SEVERIN as an internationally recognized consumer brand.
Whirlpool Corporation introduced SlimTech™ insulation,
Whirlpool Corporation introduced SlimTech™ insulation, the first vacuum-insulated structure (VIS) technology in a refrigerator in the North American market.
Using a proprietary material that is vacuum-sealed within the door or sides of the refrigerator, SlimTech™ insulation can reduce the wall thickness by up to 66% – allowing for up to 25% more capacity inside the refrigerator.
“For the past 112 years, we have shaped the landscape of modern home appliances in the kitchen and the laundry room, developing products that have improved life at home for millions of consumers from the introduction of the first electric wringer washer and first home dishwasher,” said Marc Bitzer, Whirlpool Corporation chairman and CEO. “SlimTech™ insulation is yet another turning point for the industry, and this launch is just the beginning of how we will utilize this technology.”This refrigeration breakthrough will deliver benefits ranging from increased capacity and quieter performance to the potential for increased sustainability and design flexibility.
SlimTech™ insulation will launch in 2024 on select JennAir® 30 in. Column refrigerators and will later expand to KitchenAid brand
Whirlpool Corporation introduced SlimTech™ insulation, the first vacuum insulated structure (VIS) technology in a refrigerator in the North American market. This technology represents a significant step forward in refrigeration technology, which has long relied on bulky polyurethane foam for insulation.
By using a proprietary material that is vacuum-sealed within the door or sides of the refrigerator itself, SlimTech™ insulation can reduce the wall thickness by up to 66% – allowing for up to 25% more capacity inside the refrigerator.
Simfer fridge freezer
The first 2 door fridge production by Simfer
Antitrust Beko whirlpool
English Antitrust yesterday published the list of issues it intends to evaluate to give the green light to the merger of a large part of # whirlpool ‘s European activities with those of arçelik in beko europe . Two weeks of fire began for the corporate affairs teams of Whirlpool Corporation , led in Europe by Maurizio David Sberna and of Arçelik Global . They have until November 21st to demonstrate to the Competition and Markets Authority that the operation would not significantly reduce the competitive framework in the medium-low range of the washing and cooking categories. Whirlpool’s key argument is “if the merger doesn’t happen we would leave the market and competition would be reduced anyway”. Arçelik seems to understand from the statements of its CEO Hakan Bulgurlu that “the crisis phase of the sector is not short-term” and rationalization therefore appears to be the only way to transfer value to consumers.
LG Elec to open heat pump research laboratory in Alaska
LG Electronics Inc. plans to open LG Advanced Cold Climate Heat Pump Laboratory in Alaska, the US for the development of heating, ventilation, & air conditioning (HVAC) that performs in extreme low temperatures.
The company announced on Monday it launched the Consortium for Advanced Heat-pump Research with the University of Alaska Anchorage (UAA) and the University of Alaska Fairbanks (UAF) in Anchorage, the US.
HAVC products with heat pump techs perform poorly in severe cold because the pressure to compress refrigerant is reduced, resulting in less refrigerant circulating.
In the polar regions of Alaska, new experiments can be conducted that take into account environmental conditions and variables such as snow, rain, and extreme low temperatures that cannot be reproduced in traditional laboratories
GE Appliances enlarges the dishwashers production in Kentucky
GE Appliances, a Haier company, complete the 450 million dollar transformation and investment announced in late 2021 for Appliance Park, the company’s headquarters in Louisville, Kentucky. Three of the Park’s five major plants have received significant upgrades over the past two years with new topload washer models and four-door refrigerators added as well as new assembly lines and fabrication equipment.
«We are committed to U.S. manufacturing and Louisville, Kentucky – said Kevin Nolan, president and CEO of GE Appliances –. From design to production, our team is always finding a better way to bring the latest appliance technology to homes and families across America. Together, with our state and local partners, we are building a stronger state economy and community.»
GE Appliances’ manufacturing facilities, like the featured dishwasher plant, are vertically integrated starting from rolls of coiled steel. New fabrication equipment produces millions of tubs, doors, racks and other components made onsite. The plant produces five brands of dishwashers on the new lines. A key product success is the recently launched GE Profile™ UltraFresh System™ Dishwasher with Microban® Antimicrobial Technology, which is being added to other models produced at the plant.
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