Midea Confirms It Has Made Takeover Bid for Sweden’s Electrolux

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Midea Group has confirmed a media report that said the Chinese home appliance behemoth has made an initial takeover approach for Swedish competitor Electrolux.

“A deal is being discussed, but no decision has been made yet,” the investor relations department at the Foshan-based company said. A public relations officer at Electrolux China declined to comment.

Midea is exploring the potential acquisition of Electrolux, Bloomberg News reported on April 30, citing people familiar with the matter. The Chinese firm has made a preliminary approach in recent weeks about a possible deal, but Electrolux has not been receptive to the proposal so far, the sources added.

The acquisition would help Midea make up for its weaknesses in the mid-to-high-end markets overseas, an industry insider told Yicai Global.

Regardless of the outcome of Midea’s approach, global home appliance giants are moving production to European and American countries such as Mexico and Türkiye, so Chinese home appliance makers will have to improve their global industrial chain positioning, said Zhou Nan, secretary-general of the home appliances branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

Midea and Electrolux joined hands in 2016 to bring German kitchen appliance giant AEG to China and acquire the white goods business of Japan’s Toshiba. In 2017, Midea bought its first stake in Kuka and then acquired the remaining 5 percent it did not yet own in the German industrial robot maker last November.

Electrolux owns the Electrolux, AEG, Zanussi, Frigidaire, Eureka, Flymo, and Husqvarna brands. It ranks fourth with around a 10 percent share of the western European market, according to a research report.

The Swedish firm reported a 3.6 drop in operating revenue to USD13.4 billion last year from 2021, with 34.5 percent of the total coming from Europe and 34.9 percent from North America. It turned a SEK4.7 billion (USD462.2 million) net profit into a SEK1.3 billion net loss in the period.

Midea posted CNY343.9 billion (USD49.7 billion) in operating revenue for 2022, up 0.8 percent from the year before, and CNY29.6 billion (USD4.3 billion) in net profit, a 3.4 percent increase.

Greaidea to launch new hood

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Greaidea to launch new model of Rangehood，
Big suction, low noise,

Over 20 Years Of OEM & ODM Experience In Gas Hob, Gas Water Heater and Range Hood

– Established in 2000, the past over 20 years witnessed great chances of our product, R&D, quality level, and service as well. From now on, Greaidea has its own two production bases with over 500 employees, covering 100,000㎡. In order to meet the growing marketing needs, we have equipped with 6 assembly lines for gas hob and range hood, 3 assembly lines for gas water heater.

Smeg’s new line of portable blenders are powerful, colourful and eco-friendly

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PBF01 blenders are designed to make smoothies, juices, soups and shakes on the go in a curved compact styleBeing a small personal blender, don’t be fooled by its size – the PBF01 has a 300W motor and double blade that can easily tackle all kinds of fruit and vegetables. It’s just as powerful as the original Smeg blender, so you can make delicious smoothies and juices in no time.

The appliance for rent takes off in Spain

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The Cecotec retailer offers vacuum cleaners, smartphones, televisions, electric scooters or refrigerators for rent for a few days or monthsIt’s called Cecorent and it’s the first pay per use service in the household appliances sector in Spain. Online on the website of the Cecotec retailer, robot vacuum cleaners, televisions, smartphones, refrigerated electric scooters can be rented for a certain number of days (the minimum is 4) or months with no obligation to purchase them and guaranteed by insurance that covers any damages
There are no delivery and collection costs. Anyone who decides to buy the appliance after trying it is entitled to a discount on the list price.

Midea Floor Scrubber X6

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Take your cleaning to a new level: with Midea’s innovative scrubber dryer you can vacuum and wash your floors in a single step. Equipped with fibers, bristles and self-traction force, the integrated brush is designed to remove all types of dirt, debris and stubborn stains.

Double tank systemDirty water and debris are collected in a separate tank, to ensure that your floors are always cleaned with clean water.

Easy controlTo ensure even easier use, the buttons are located on the handle.

Autonomy The latest generation batteries allow long-lasting performance

Hisense Named to Fortune China’s ESG Influential Listing 2023

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Hisense, the consumer technology brand and a major international provider of home appliances, has once again been named to Fortune China’s ESG Influential Listing, for its excellent performance in the fields of technology research and development, manufacturing, and supply chain partnerships.

Midea’s Revenue in 2022

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In 2022, Midea ranked first in China in terms of market share for several categories of products both online and offline.headquartered in Foshan, Guangdong Province, recently released its 2022 annual report and 2023 quarterly report. In 2022, the company’s total revenue reached CNY 345.7 billion (USD 50 billion), an increase of 0.7% year-on-year, with a net profit of CNY 29.6 billion, 3.4% higher than in the previous year. In the first quarter of 2023, Midea achieved total revenue of CNY 96.6 billion, up 6.3% year-on-year, and achieved net profit attributable to its parent of CNY 8 billion, an increase of 12.0% from the same period last year.

Founded in 1968, Midea is one of the leading companies in the electrical appliance industry. Its five business segments are smart home, building technology, electro-mechanical, robotics & automation, and digital innovation. It has spent nearly CNY 50 billion on research and development in the past five years and provides services to over 400 million users worldwide each year. Up until now, Midea has about 200 subsidiaries, 35 R&D centers and 35 major production bases worldwide, with operations in more than 200 countries and regions.

In the overseas market, which accounts for up to 41% of its overall revenue, Midea’s 2022 overseas sales revenue reached CNY 142.65 billion, up 3.63% year-on-year. Midea ranked first in China in terms of market share for several categories of products both online and offline, including air conditioners, countertop microwaves, countertop ovens, electric heaters, induction cookers, electric kettles, etc. Among them, Midea’s offline share of air conditioners reached 33.7% of the total market share and its online share reached 33.6%.

Based on current industry trends, Tan Xiguang, chairman of Midea, believes that the electrical appliance industry is heading to a more intelligent, more efficient and greener future. In February 2023, Midea was listed among the “2022 Forbes China Top 50 Sustainable Development Industrial Enterprises”. Besides, Midea is increasing investment in R&D, constantly launching innovative products, and cooperating with technology companies to jointly explore new trends in the home appliance industry.



Midea new front loading washing machine

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Midea has unveiled a new front-loading washing machine, the V11F, which will go on sale May 10 for a starting price of $215 in China.

This washing machine is equipped with a 40°C prewash program that activates the enzymatic activity of the detergent to clean and remove stubborn stains, after which the 60°C main wash is completed.This washing machine is equipped with a variable speed BLDC motor and the washing/spinning noise level is: 52/70 dB. The machine is designed for washing 10 kg of laundry, there is a child lock, the possibility of adding laundry in the process and washing on a schedule.

Miele harvests the sun’s power from Gütersloh roofs

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Miele further expands self-sufficiency in green electricity. At its headquarters in Gütersloh, the company is currently installing the second-largest roof-top PV array in the town, comprising around 2,400 PV modules. The installation will have a total output of around 900 kWp and will generate more than 750,000 kWh of electricity per year – sufficient to power some 250 households, each with an annual average consumption of 3,000 kWh. Construction work has already commenced, with the facility expected to enter service this year..

Midea Electrolux

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Have you heard the news? Recently, Midea Group (China’s largest appliance maker) rumored a proposed a US$3.6 billion acquisition of Electrolux. This might have come as a surprise to some consumers who are more familiar with Electrolux than Midea, but there’s no denying that this is an incredible move by Midea.
Contrary to popular belief, Midea is actually a much larger company than Electrolux – with a market capitalization of US$58 billion. This acquisition will further strengthen their position in the global market and give them access to new technologies and markets around the world.