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.
GE Appliances announces partnership with Kroger
Over 150,000 consumers with select GE Profile™, CAFÉ™, and Monogram™ wall ovens and slide-in ranges can now discover new, seasonal recipes and shop for groceries directly from the touchscreen of select GE Appliances’ smart wall ovens and ranges.
“Kroger’s technology-driven approach to creating convenient and seamless shopping experiences for its customers aligns with our vision to support our consumers throughout the meal preparation process,” said Viren Shah, Chief Digital Officer at GE Appliances. “We are thrilled to collaborate with Kroger and use our combined expertise in the food ecosystem to deliver experiences and features that truly resonate with consumers.”
With this update, over 150,000 consumers with select GE Profile™, CAFÉ™, and Monogram™ wall ovens and slide-in ranges can now enjoy seasonal culinary inspiration directly from their appliance’s LCD screen. The touchscreen on the appliance will showcase a rotating selection of recipes from Kroger and other strategic consumer packaged goods partners including King Arthur Baking, tempting users with seasonal mouthwatering options. The recipes even direct consumers to precision cooking modes that can help improve the cooking results of the recipe. From convenient meals like Rotisserie Chicken Oven Tacos and Sheet Pan Gnocchi with Sausage, to crowd-pleasing holiday dishes such as Apple Spinach Pork Loin and Savory Bread Pudding Casserole, there’s something for everyone. And just in time for the holiday baking season, are recipes for King Arthur’s Giant Cinnamon Roll and Spiced Hot Cocoa Cookies with Marshmallow Middles.
If a recipe captures their attention, users can click to view the list of ingredients and instructions. One more touch will add all the necessary ingredients to their Kroger Family of Companies cart. A simple QR code scan will guide owners to link their Kroger account the first time they use the feature.This feature is another meaningful step in GE Appliances’ journey to make cooking at home easy and enjoyable. Earlier this year, the company introduced Flavorly™ AI powered by Google Cloud’s generative AI platform, Vertex AI. The feature is available via GE Appliances’ SmartHQ consumer app and offers consumers the ability to generate custom recipes based on the ingredients available in their kitchen. Consumers can simply select a recipe category and type of cuisine, then input available ingredients, and include any dietary preferences. They will receive tailored recipes with ingredients, instructions, and even photos.
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.
WHIRLPOOL CORPORATION NAMED TO 2023 DOW JONES SUSTAINABILITY
Whirlpool Corporation announced that it has been named to the 2023 Dow Jones Sustainability World Index (DJSI) in recognition of the company’s dedication to responsible and ethical business practices. This marks the second consecutive year Whirlpool Corp. has been named to the World Index. The company is also on the North America Index for the 17th year.
“For 112 years we have held ourselves to the highest ethical standards in our business operations, and we are proud of our long history of purposeful innovation, sustainable operations and local community engagement,” said Marc Bitzer, chairman and CEO of Whirlpool Corporation. “Receiving this recognition once again validates the efforts of our thousands of employees and their dedication to our vision of improving life at home.”Whirlpool Corp. advanced its environmental, social and governance (ESG) strategy, reaching Zero Waste to Landfill (ZWtL) gold or platinum level at 100% of its large global manufacturing sites in 2022, a goal set in 2012.
In a statement, the company explained that Zero Waste to Landfill is part of the company’s ongoing commitment to World Class Manufacturing, the foundation for the company’s sustainable manufacturing journey. Whirlpool Corp. continues to invest in plant efficiency and waste reduction by working closely with recycling and sustainability organizations to find new, innovative ways to eliminate waste and contribute to the circular economy.
Whirlpool India
Whirlpool of India led the domestic appliance market in India with net sales of about 62 billion Indian rupees as of December 2022. It was closely followed by Crompton Greaves and Electronics Mart India at 58 and 54.5 billion rupees respectively. Both Crompton Greaves and Electronics Mart India are Indian companies.
Whirlpool of India
Whirlpool of India Limited is one of the leading manufacturers of major home appliances in India, headquartered in Gurugram. It is a subsidiary of the Whirlpool Corporation from USA. It has three manufacturing facilities in India, located in Faridabad, Pondicherry, and Pune. It primarily manufactures and sells refrigerators, washing machines, air conditioners, microwave, and other small appliances. Its main competitors in the major appliances segment are Korean electronics companies, Samsung, and LG. In the small appliances segment, it also faces competition from Indian manufacturers.
Refrigerator market in India
In 2022, LG was the leader in the Indian refrigerator market with more than 30 percent of the market share. Whirlpool ranked the third following Samsung. It was estimated that the market size of refrigerators was around 9.7 billion U.S. dollars during the same year. The prospect of this segment is of great potential in India, especially considering the increasingly hot summers due to global climate change
AirO from Baraldi
AirO’ technology by Baraldi
Wall by Baraldi is equipped with the AirO’ module, which uses plasma technology to enrich the air with negative ions that are beneficial for health. So bad odors can be quickly eliminated from the kitchen and, leaving the device in operation for a few hours, it is also possible to break down viruses, bacteria, mould, spores and fungi by up to 99.5%. AirO’ is designed to last over 45,000 hours without the need for maintenance. Furthermore, it is independent of the main flow of the suction motor and can therefore be activated only when needed. In addition, it has a timer that allows to turn off the purification function after 1 or 24 hours. Wall is available in black or stainless steel colors and features 4 speeds (including intensive mode), high power and low consumption LEDs and electronic control panel. The hood, filtering or aspirating, has an automatic switch-off function, indicators for cleaning and replacing filters, and a washable multi-layer aluminum grease filter.
New President and CEO of Miele USA
Miele is proud to announce the appointment of Søren Rye as the new President and CEO of Miele USA. Søren succeeds Jan Heck, who after 24 years with Miele, has decided to leave to pursue new opportunities. The entire Executive Board would like to thank Jan very much for his achievements and contribution.
Søren has been leading the Nordic and Baltic regions for Miele over the past 7+ years. He will officially join Miele USA in January 2024 and will be responsible for leading both Miele USA and Miele Mexico.
Cuisinart® Basket Air Frye
Introducing the newly launched Cuisinart® Basket Air Fryer. This easy to use and easy to clean countertop appliance is the perfect size to help you prep for the holidays and beyond.
Air Fry, Roast, Bake, Broil and Keep Warm for all-in-one versatility.
Gorenje washing machine top marks
Gorenje washing machine manufactured in Velenje (Slovenia), has received a rating of 92.9% or “very good” in the testing of the German consumer magazine ETM Testmagazin. The tested washing machine represents our latest Advanced+ line, which we introduced to the market in June 2023. The machine is equipped with the latest functions and reflects more than 60 years of accumulated expertise in the art of manufacturing washing machines from the factory in Velenje.
In ETM Testmagazin, Gorenje washing machine was singled out and rated high due to its exceptional design, washing and spinning performance, as well as simplified control panel and program management. It was described as a “modern and powerful washing machine with many extras. The new WPNA 84ATSWIFI3 washing machine from Gorenje is an example of a modern model that offers great washing flexibility and will also appeal to younger consumers looking for a washing machine with a powerful wash and spin function and a lot of comfort.”
Test review (in German language) you can read here: https://lnkd.in/eNty4AQY
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
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