Hitachi transfers Thai compressor business to Midea

Hitachi has concluded an agreement to transfer all outstanding shares in its subsidiary Hitachi Compressor (Thailand) to Midea Electric Trading (Singapore), a subsidiary of China’s Midea Group.

Hitachi Compressor (Thailand) currently supplies its compressors to Midea, one off the world’s largest refrigerator manufacturers. 

Hitachi Compressor (Thailand) sees the deal strengthening its competitiveness by improving its procurement capabilities and expanding its supply chain. In addition, the Midea Group will utilise Hitachi Compressor (Thailand) as an important production base in the ASEAN region for future business expansion

Arcelik AS signed a deal to buy 60% of Hitachi Global Life Solutions

Turkey’s leading household appliances maker Arcelik AS signed a deal to buy 60% of Hitachi Global Life Solutions Inc.’s for $300 million to deliver on its strategy to expand in emerging markets.

Arcelik and Hitachi GLS will form a new company that Arcelik will control to run operations in the home appliances market, excluding Japan, the Turkish company said in a filing to the stock exchange on Wednesday. The total transaction value is calculated on a cash-free and debt-free basis for the business,

Arcelik’s shares rose as much as 1% at the start of trading in Istanbul but were down 0.4% at 31.20 liras as of 10:04 a.m. Bloomberg reported on Friday that Arcelik was in talks to buy Hitachi’s oversees home appliance business.

The transaction includes two subsidiaries of Hitachi GLS with manufacturing facilities in Thailand and China, and 10 sales companies in the region that mainly sell refrigerators, washing machines, vacuum cleaners, rice cooker, water pumps and air conditioners. The annual production capacity of Thai and Chinese manufacturing firms is 3 million units of refrigerators and washing machines in total, according to the filing.

The consolidated net revenue of the acquired business, excluding Japan, was around $1 billion. Its earnings before interest, taxes, depreciation and amortization, or Ebitda, was about $70 million for the fiscal year ending on March 31. After the transfer, the product range is expected to be expanded with dryers, dishwashers, ovens and other small household appliances.wth Push

Arcelik sells products under 12 brands including Beko, Flavel, Grundig and Altus, according to its website. It’s expanded through acquisitions over the years, purchasing companies including South Africa’s Defy Appliances Pty Ltd. and Pakistan’s Dawlance Group.

The Turkish company has singled out the Asia Pacific region as a key growth market and last year agreed to buy control of the company that operates the Singer brand in Bangladesh.

“Asia Pacific will be the accelerator of the growth in our sector in the next 10 years with its increasing medium-class population, household revenues and improving retail channels and life style,” Arcelik’s chief executive officer, Hakan Bulgurlu, said in an emailed statement.

Arcelik AS in Turkey is in advanced talks with Japanese industrial conglomerate Hitachi Ltd. to take over overseas household equipment business

Arcelik AS in Turkey is in advanced talks with Japanese industrial conglomerate Hitachi Ltd. to take over overseas household equipment business, people with knowledge said.

An agreement is likely to be reached within the next few weeks, the people said, asking not to be identified because the information is private. According to the people, the transaction can be valued at about $ 500 million, according to the people.

The potential deal would contribute to the $ 83 billion in sales announced by Japanese companies this year, 38% higher than a year earlier, according to data compiled by Bloomberg. Hitachi has requested separate offers for its listed metal unit because it wants to streamline its business, Bloomberg News reported. It also left a UK nuclear project in September

Miele opens seventh showroom in Romania

German-based manufacturer of high-end household appliances Miele said on Friday it opened its seventh showroom in Romania following a 150,000 euro investment ($181,733).

Located in the centre of capital Bucharest, the showroom has an area of ​​80 sq m, Miele said in a press release.

“Calea Victoriei is traditionally an exclusive commercial destination, so the new Miele showroom naturally comes to enrich this offer of premium products,” Miele Romania general manager Loredana Butnaru said.

Miele now operates three showrooms located in Bucharest and one each in Constanta, Timisoara, Oradea and Iasi.

In addition, over 70 stores specializing in furniture and independent electro-IT networks are selling Miele’s household appliances across Romania.

Miele is a German manufacturer of high-end domestic appliances and commercial equipment, which employs 20,200 in Austria, Germany, Romania, Czech Republic and China.

DeLonghi ha acquire Capital Brands Nutribullet and Magic Bullet brands.

DeLonghi has reached a definitive agreement with affiliates of Centre Lane Partners to acquire Capital Brands Holdings, Inc., a leader in the personal blenders segment with the Nutribullet and Magic Bullet brands.

The price payable by DeLonghi for Capital Brands is approximately $420 million. The closing of the transaction is expected to take place before the end of 2020.

With its research and development centers in Boston and in Connecticut, Capital Brands brings innovative technologies to the development of products that cater to an evolved concept of nutrition, the company said. Centre Lane Partners acquired Capital Brands in 2018. Nutribullet and Magic Bullet are highly recognizable brands that have earned a strong reputation among consumers. Capital Brands’ strengths and expertise will contribute to accelerate DeLonghi Group’s growth in the world of healthy foods, the company added.

Massimo Garavaglia, CEO of DeLonghi, said, “This acquisition is a perfect fit for the DeLonghi Group and is consistent with our objectives of geographical expansion and growth by external lines. Moreover, it represents a strategic value from several viewpoints: we add a young and dynamic brand to our portfolio; we enlarge our range of iconic products with an important presence in the blender segment; we increase our penetration in an expanding and strategically important market like the USA; and last, but not least, we strengthen the DeLonghi Group’s leadership in the sector of food preparation.”

DeLonghi Group owns such brands as DeLonghi, Braun, Kenwood and Ariete.

Founded in 2003 and headquartered in Los Angeles, Capital Brands develops and sells domestic appliances with a focus on wellness nutrition to households in over 100 markets worldwide under the Nutribullet and Magic Bullet brands. Capital Brands forecasts net revenues of approximately $290 million for year 2020, ahead of last year sales. With this transaction, the U.S. become the largest market for the DeLonghi Group, with aggregate turnover in excess of $500 million.

Rich Krause, CEO of Capital Brands, said, “We are very pleased to be joining the DeLonghi Group and to have the opportunity to align our strong brands with theirs. We are excited about the future growth opportunities that we will be able to exploit in the U.S. and internationally with the support of our new shareholder.”

Gorenje’s cooking appliances factory produced the millionth cooking appliance this year

On October 19, Gorenje’s cooking appliances factory produced the millionth cooking appliance this year. Never in the history of Gorenje have we reached this annual milestone so quickly, as we usually reached one million manufactured appliances only at the end of December. We donated the jubilee cooking appliance to our colleague Dragica Senić from the galvanising plant.

Orders and consequently production volumes increased after the takeover of Gorenje and the arrival of the new owner Hisense, so that last year we manufactured the millionth device much earlier as usual (in November), and this year, despite a severe crisis due to the coronavirus pandemic when in March we had to shut down factories for three weeks, the millionth cooking appliance was produced as early as October 19th.

“In the spring, we almost gave up hope because of the coronavirus situation, as orders were reduced overnight to practically zero,” says Rok Borovnik from Production Planning at the Cooking appliances factory. “Nevertheless, we picked up quickly, sales secured new orders and based on the good results of increasing productivity and good work of our production workers we immediately made up for the lag and fulfilled our obligations to the Sales department and thus to our customers.”

In August, we received a record amount of orders, for certain types of appliances up to 25% more than last year. From July to August 2020, the quantities increased from 110,000 appliances per month to more than 180,000 appliances and from here only increased further. In September, we reached a record of 184,324 manufactured cooking appliances. As a result, we also manufactured the millionth appliance on October 19, thus setting a new milestone in Gorenje’s production. But we already have new records in sight, as the annual amount of cooking appliances produced (1,373,000) will be the largest so far (last year we produced 1,200,000 appliances). We have already filled our orders by March 2021, which is very encouraging for the future of the cooking appliance factory.

“We donated the millionth appliance – an oven – to our colleague Dragica Senić from the galvanising plant, and this was also a symbolic gesture to show that the galvanising plant is now a part of the cooking appliances factory, not only formally, but is the heart of cooking appliances production. We are all one team and through teamwork we strive to grow and improve results, ”said Jernej Heindl, director of the Cooking Appliances Factory. “We are very proud of the milestone we have reached and we are boldly looking at new, ambitious goals. Congratulations to the entire team of cooking appliances, who with their commitment and dedication in difficult conditions have shown that we can handle even such great challenges. “

Employee Dragica Senić, who was with the help of the union chosen as the recipient of the millionth appliance, has been employed by Gorenje for 36 and a half years, all the time working in the galvanising plant. “Our millionth appliance is definitely going to the right person,” said Zlatko Svečko, head of the galvanising plant Galvana. “Dragica is a trademark of Galvana and with her knowledge, accuracy and diligence is respected in her work environment, and she successfully passes all this on to younger colleagues.”

“I am very proud of our achievement and I am glad that I was chosen for this award, I really did not expect it,” said Dragica Senić. “I have been working at Galvana since 1984, and from the very beginning I have also worked night shifts, Saturdays, I have never refused work. I am proud of my work and of the fact that we managed to set new records this year despite such a difficult situation. ” And what will be the first delicious dish cooked in Dragica’s new 3 in 1 combined oven (convection, steam and microwave oven in one appliance)? »My husband will be able to tell you that, he cooks most of the time, while I do the tidying up,« Dragica laughed.

KONKA Group Acquires Beko Changzhou Plant and Reaches a Strategic Cooperation with Arcelik

Jiangsu KONKA Smart Electrical Appliances Co., Ltd. acquired Beko Changzhou Plant and entered into a strategic cooperation agreement with Arcelik (the parent company of Beko).

By signing this agreement, both parties agree to share their developments related to systematic washing machine design. This will help make up for KONKA’s engineering capacity shortcoming for KONKA drum washing machine manufacturing, facilitate the export of KONKA washing machines to Europe, America and other regions, and further promote the globalization of KONKA white goods and the KONKA brand.

In 2021, the forecasted annual sales volume of KONKA drum washing machine is over 500,000 sets, reaching a level near first-tier brands. In the next 3 years, the planned annual total sales volume of KONKA washing machine will surpass 1 million sets. By then, KONKA will become one of the first-tier washing machine brands in China.

The strong alliance with Arcelik, as one of the major measures of KONKA’s Ten-billion-sales-volume Strategy for White Goods, marked the beginning of a new phase for KONKA drum washing machine: a shift from OEM to independent R&D, design, production and manufacturing. In the future, led by KONKA Group’s strategic transformation, KONKA white goods will continue to update its products targeting consumer pain points, such as intelligence and healthcare, and enhance its core competitivenes

Vestel has bought two British home appliance brands to

Turkish white goods firm Vestel has bought two British home appliance brands to strengthen its position in the global market.

According to a company statement Wednesday, the new deal with U.K.-based Crosslee PLC will help Vestel get a foothold in new markets while strengthening its presence in Europe and the U.K.

The deal was for the acquisition of the Hostess and White Knight business trademarks, intellectual property rights, domain names and equipment related to the trademarks.

Vestel CEO Turan Erdoğan said the company was focused on increasing its competitive advantages with strategic market-oriented business cooperation and brand acquisitions, supporting Vestel’s strength in production and exports.

With this latest acquisition, Erdoğan said, “We will strengthen our position in the U.K. as well as increase our contribution to the country’s exports by focusing on different markets.”

The registration process for the trademark transfer is being completed in the EU, while the process continues in some non-EU countries.

LG Launches New Home Appliance Brand with Upgraded Customization Features

LG Electronics Inc. on Thursday launched a new home appliance line with enhanced customization options as the South Korean tech firm targets more consumers who seek their own home interior styling.

LG Objet Collection allows consumers to select their own colors and materials for home appliances so that they can create harmony with interior design in their homes.

The new brand is an upgraded version of LG Objet, which was introduced in 2018 under a concept of “private appliance” that blends home appliances and artfully designed furniture.

LG said it partnered with U.S.-based Pantone Color Institute to offer more color options for LG Objet Collection appliances.

For material selections, the company included FENIX, a high-tech material developed by Italy’s Arpa Industriale known for its resistance to scratches and abrasion.

LG said 11 products are currently available under the LG Objet Collection brand, which includes refrigerators, a dish washer, a light wave oven, a washer-dryer combo and a clothing refresher, but the lineup will be expanded in the future.

For refrigerator doors, consumers can choose from 13 colors, along with various materials, including FENIX, stainless, glass and metal. There are a maximum of 145 design combinations for its three-door bottom-freezer refrigerator, according to LG.

Of the LG Objet Collection appliances, light wave oven, water purifier and dish washer are compatible with each other through its Internet of Things (IoT) platform, LG ThinQ.

For instance, when users select a cooking option on the oven, the water purifier automatically sets the right amount of water needed for the dish.

LG Electronics signs partnership with Italian luxury furniture brand Molteni&C

LG Electronics Inc. said Monday it has signed a partnership with Italian luxury furniture maker Molteni&C S.P.A. to better promote its high-end brand LG Signature.

Under the deal, the two sides will collaborate in marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture for the next three years

The South Korean tech firm said the collaboration will create synergy between their premium brands and deliver more opportunity for consumers to experience an “innovative, luxurious lifestyle.”

Molteni&C, founded in 1934, is a renowned designer furniture maker. It runs some 530 stores in 23 countries, including South Korea.

LG recently installed the LG Signature OLED 8K TV at the Molteni Museum in Italy, displaying how its premium electronics appliances can be in harmony with Molteni&C furniture. It will also display the luxury TV at Molteni&C’s flagship store in Paris set to open next month.