The main business of Glen Dimplex, the Irish-headquartered heating, cooling and appliance giant, nearly quadrupled its profits last year as the company substantially concluded a period of restructuring.
Newly filed accounts for Glen Dimplex European Holdings, which makes up about 60pc of group operations, showed the business made a profit of €42.8m in the year to September 30, 2022, up from just €11m in the previous year.
Glen Dimplex increased turnover by just 4pc in the period to €944m, with growth coming mainly from the group’s energy efficient heating and ventilation products, which are in high demand in the EU because of public policy initiatives.
“Encouragingly, the strong profit growth experienced in the 2021/22 financial year has continued into the early part of the 2022/23 financial year and the outlook remains positive driven by strong underlying demand trends, a supportive policy environment and fiscal supports for end users,” the accounts stated.The company, which is owned by the Louth-based Naughton family, has been undergoing a transformation in recent years to focus more on sustainability and the electrification of energy, increasingly via smart tech.The firm sold the well-known consumer appliance business Morphy Richards to long-term Chinese manufacturing partner Xinbao for €185m. Glen Dimplex retained the rights to distribute the brand in Ireland, New Zealand and Australia for 10 years as part of the deal.The shift has seen Glen Dimplex become very busy in terms of mergers, acquisitions and disposals, with the company an active buyer of heating and ventilation businesses
Category Archives: Manufacturing
Strix AGM
Strix Group Plc , the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, provides an update ahead of its Annual General Meeting
At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement:
We are pleased to report an improved trading performance and can confirm that profit after tax for the full year remains in line with market expectations*.
“At our full year results, we highlighted that, following a period of uncertainty across a number of Strix’s key export markets, sales data in 2023 indicated some green shoots were appearing. I can report that this trend has continued with Group performance in Q2 improving versus Q1. We are continuing to receive increased frequency of orders from customers, albeit with smaller quantities as they manage their cash balances prudently.
“We also continue to make successful progress on the integration of Billi which is in line and remains on track with our plan for the full year. This is another step that will propel Strix into a new growth phase, further diversifying away from the core Kettle Controls business.
Alongside this, we are continuing to implement a range of strategic initiatives across the business which include a functional streamlining programme to minimise the impact of the ongoing headwinds Strix is facing.
We will prioritise debt reduction with a clear plan to get net debt / EBITDA to below 2.0x during 2023 and to below 1.5x during 2024. As capital allocation decisions prioritise this, the Board, as previously announced, has decided after reviewing the level of net debt to propose a final dividend of 3.25p per share which would represent a total dividend of 6.00p per share.”
Current profit after tax consensus for year ended 31 December 2023 is £25.8m
Recycling plastic from Appliances
Once collected, recycled plastic from homeappliances can end up being used in a number of sectors:
🚜 Agricultural: 1.6%
🚗 Automotive: 33.1%
🏗️ Construction: 9.8%
💪 Durable goods: 9.0%
💻 EEE: 6.3%
🚢 Export: 18.4%
🔄 Other: 21.9%
More information https://statreport2022.applia-europe.eu/pillar/1/routes-of-recycled-plastic
Midea new factory
Midea Electric Egypt officially opens their newest factory.l
The Factory will produce washing machines for the Laundry Division with the first products rolling off the line later this year. With more factories being set up Egypt is fast becoming an essential component of Midea global supply chain network.
Miele cares about sustainability
Miele teamed up with sustainability champions across the world to share knowledge, inspiration and successes. ‘Stories from our only home’ with Norbert Niederkofler is the first in a series of films that aim to inspire change. Discover how and why the 3-Star Michelin Chef has redesigned his menu and his restaurant from the ground up.
Want to learn more about sustainability at Miele? Take a look at this: https://www.miele.com/c/sustainability-3359.htm
Average material composition of large home appliances
Steel plays a vital role in the construction of large home appliances. From refrigerators to washing machines, steel provides strength, durability, and stability helping to keep home appliances running smoothly each day
Haier Europe growth strategy
The partnership with the ATP Tour is part of Haier Europe’s growth strategy, which aims to become one of the Top 3 household appliances in Europe by 2026. , what is most impressive is how quickly the group manages to grow. Since acquiring Candy-Hoover in 2019, we have seen the strongest market growth in Europe over the past four years.”
Last year, Haier Europe achieved a turnover of 3.2 billion euros, up 20%,Haier is the appliance group that has invested the most in Europe over the past 30years, The three manufacturing sites, tumble dryers in Turkey, Refrigeration in Romania and dishwashers in Turkey created over the past two years represent an investment of more than 180 million euros. In 2023 and 2024, the increase in our production capacities will continue with three new industrial investments in high-end cooking (Turkey), washing machines (Turkey) and large-capacity cold (Romania).This rapprochement with the ATP provides Haier with exceptional coverage in Europe and internationally. Haier is growing in turnover and production capacity
Haier Gets ISI Certification, For Its Indian Manufacturing Unit
Haier Appliances India, announced that its state-of-the-art deep freezer manufacturing unit in Ranjangaon – Pune has achieved a significant milestone by obtaining the prestigious ISI certification. The certification, issued by the Bureau of Indian Standards (BIS), validates that all products manufactured at this facility meet the highest standards of safety, durability, and performance, ensuring customer satisfaction
Midea Drops Pursuit Electrolux
Midea Group Co. has dropped its pursuit of Electrolux AB after finding the Swedish home appliance maker unreceptive to a deal,While plans are on ice for now, Midea has been interested in Electrolux for years and it can’t be ruled out that the Chinese firm revisits the deal in the future,
Fagor professional
Fagor professional laundry continue to grow with a new plant in Oñati, at the back of the Fagor Professional showroom.
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