Mitsubishi

Mitsubishi Electric Corporation’s Home Appliances business segment reported total sales of 477.1 billion yen in the first half of its current fiscal year (fiscal 2015). This is a 4% increase from the same period in the previous fiscal year.

Operating income in the first half was 35.2 billion yen, up 12.0 billion yen from the same period in the previous year.

Increased sales from the business segment was credited to stronger sales of air-conditioners in Asian, North American, and European markets, stronger sales of package air-conditioners in Japan, and the weaker yen.

Mitsubishi Electric Corporation as a whole had first-half net sales of 1,972.8 billion yen, up 9% from the first half of the previous fiscal year. Net income was 97.8 billion yen, an increase of 102% from the previous year. Income was boosted by increased profits in the Home Appliances segment, as well as in the company’s Industrial Automation Systems segment and its Information and Communication Systems segment.

Mitsubishi said the business environment in Japan in the first half of fiscal year 2015 saw an upward trend in the commercial sector, despite a backlash from the last-minute surge in demand experienced before the rise in Japan’s consumption tax.

Economies outside Japan as a whole saw ongoing gradual expansion, owing to buoyant economic expansion in the U.S. and other factors, and despite a stagnation in Europe and some emerging markets.

Mitsubishi’s Electric Corp.’s fiscal year 2015 ends March 31, 2015. The company is forecasting net sales for the fiscal year to be 4,220.0 billion yen, a 4% increase from fiscal 2014. Operating income is forecast to be 275.0 billion yen, a 17% increase from fiscal 2014.

The geographic breakdown of company sales in the first half of 2015:
• Japan: sales of 1,621,249 million yen
• North America: 177,027 million yen
• Asia, excluding Japan: 486,962 million yen
• Europe: 193,530 million yen
• Others: 21,657 million yen

Mitsubishi Electric Corporation’s Home Appliances business segment makes:
• LCD televisions
• room air conditioners
• package air conditioners
• air-to-water heat pump boilers
• refrigerators
• electric fans
• ventilators
• photovoltaic systems
• hot water supply systems
• LED lamps
• fluorescent lamps
• indoor lighting
• compressors
• chillers
• dehumidifiers
• air purifiers
• showcases
• cleaners
• jar rice cookers
• microwave ovens
• IH cooking heaters (induction cooktops)

#servis

After doctors couldn’t cure Daisy Ames’ agonizing #eczema, her mother had to look for other solutions to ease her daughter’s pain.

However what happened next transformed Daisy from a little girl in constant pain due to the weeping sores which covered her body and even prevented her from sleeping, into a happy and healthy nine-year-old.

Daisy’s parents, were given a Servis Sensitive Wash machine by charity Allergy UK in June.

In just a few months the new washing machine, which is specially designed to rid clothes of all bacteria and allergens, meaning Daisy can wear her clothes without fear if her skin being irritated.

Daisy’s mum Laura, 37, said: ‘She was really unwell. It meant she was sad and quiet – she was not a happy little child.’

‘At its worst she was missing a lot of school as she was so uncomfortable. She had big sores on her legs and on her face and was coming out in rashes,’ she added.

#Ebac

A British manufacturing firm which featured on BBC2’s Digby Jones: The New Troubleshooter, will next week launch its made in Britain Norfrost chest freezer range and open a third factory.

On the programme, in which the former trade minister and Confederation of British Industry director general Lord Digby Jones set about helping businesses realise their potential, he worked with Ebac as they were establishing the line.

The firm, committed to manufacturing in County Durham, bought the Norfrost brand and equipment in 2013. Pamela Petty, the firm’s managing director, took the decision to sell freezers after being sent a list of assets of Norfrost-maker Icetech Freezers Ltd based near John o’ Groats, which had gone into liquidation after the demise of Comet. Lord Digby Jones will launch the range, to be sold through Argos and Amazon and directly, and debate the future of manufacturing with industry bodies on November 6.

Petty said: ‘We have had a phenomenal response from consumers who are pleased we are bringing manufacturing back to the UK, but retailers don’t seem to value British-made goods as much. We naively thought more retailers would welcome Norfrost back. Freezers mostly come from China and some from Turkey. It is perhaps a bit of a burden in the UK that we follow energy efficiency rules more closely.’

The business also plans to launch ‘made in Britain’ washing machines this year. Petty has said: ‘We love making things and never plan to import anything. It blew me away when I found out 3million washing machines are imported per year. Freezers is smaller, we think around 300,000 a year are sold

Petty’s father John Elliott turned the business into a foundation and the family say it is committed to the local community for the long-term.

Petty has said: ‘We’ll stay and manufacture here even if we could
make more money by moving abroad. Dad decided to put the company into a foundation three years ago. The employees were chuffed because if they were worried that I might decide to retire and go to the Bahamas on the back of selling the business, well I can’t now. 

‘This business will stay here hopefully making things for ever. I never really saw it as mine anyway. Now it is a trust I feel more responsible. It has crystalised it for me. I did have one night where I realised I am kind of giving up inheritance, not that I would have sold it off. The best thing that Ebac can do is be here making things and creating jobs. That is more valuable than anything it can do for me. We can all be selfish at times. This is of wider benefit to the economy. We have employees I feel responsible for.

Indesit#

Italian appliance maker Indesit reported net profit for the first nine months of 2014 to be EUR 3.8 million. In the same time period of 2013 the company reported a net loss of EUR 8.2 million.

Just two weeks ago Indesit came under the control of Whirlpool Corporation. Whirlpool now owns 66.8% of the voting stock in the company.

Indesit’s revenue in the first nine months of 2014 was EUR 1,885.2 million, down 4.2%, to EUR 1,967.0 million, from the first nine months of 2013. Revenues were down 1.0% at constant exchange rates.

Revenue in the third quarter of 2014 was EUR 700.9 million, down 2.5% from EUR 718.9 million in the third quarter of 2013.

“The Group profitability has been achieved principally via selective price increases and action to achieve product cost efficiencies,” said Indesit Company CEO Marco Milani. “By contrast, the results have been adversely affected by a contraction in market demand and the consequences of serious currency depreciation in the Ukraine and, especially during the third quarter, in Russia. Efficient working capital management has significantly improved the level of indebtedness.”

Whirlpool

Whirlpool Corporation completed its acquisition of a majority interest (51%) in Hefei Rongshida Sanyo Electric Co., Ltd., a home appliances manufacturer in Hefei, China.

The company will be renamed Whirlpool China Co., Ltd. and will remain listed on the Shanghai Stock Exchange.

Jeff Fettig, Whirlpool Corp. chairman and CEO, said Whirlpool is “confident that this investment will accelerate Whirlpool’s profitable growth in the very important Chinese appliance market.

He noted that Whirlpool has been in China for more than 20 years.

Whirlpool said Hefei Sanyo’s management team has a proven record of driving growth and profitability. Hefei Sanyo also has an established distribution network with more than 30,000 outlets in China—its significant presence in rural markets will complement Whirlpool’s presence in China’s higher-tier cities. Whirlpool said it will also gain manufacturing scale and a competitive cost structure in the city of Hefei.

Whirlpool said its ability to consolidate operations offers strong synergies. Whirlpool plans to provide technical, marketing, and product development, which, along with Hefei Sanyo’s sales execution and operational strengths, will support a new phase of development.

Hefei Sanyo was established on 1994 and is headquartered in Hefei, Anhui Province, China. Hefei Sanyo reported 2013 revenue of $864 million and net earnings of $59 million.

The company has about 14,000 employees under Chairman Jin Youhua. Three manufacturing lines make washing machines, refrigerators, and microwave ovens. Its appliances are sold under brand names Sanyo, Rongshida /Royal Star, and Diqua. The company has been listed on the Shanghai Stock Exchange since July 2004 (Ticker: 600983).

The company’s other major shareholder is Hefei State-owned Assets Holding Co., Ltd., which holds 23.34%.

LG 5 :Year warranty

LG has increased the parts-and-labour warranties on all of its TrueSteam 9kg and above washing machines and washer dryers from two to five years.

The warranty extension applies to models purchased between November 1, 2014 and April 30, 2015.

It is in addition to the existing 10-year motor and parts warranty offered with all Direct Drive motors across LG’s laundry range.

Whirlpool/indesit

Whirlpool Corporation, through its wholly owned subsidiary Whirlpool Italia Holdings S.r.l., acquired a 56% stake in Indesit Company S.p.A. The stake represents 61.9% of the voting stock of Indesit. Indesit is an Italian-based appliance maker.

Whirlpool acquired the shares under two share purchase agreements signed July 10, 2014, with Fineldo S.p.A. and Merloni family members. These acquisitions bring Whirlpool’s total stake in Indesit to 60.4%, representing 66.8% of the voting stock.

Indesit Ukraine LLC, whose operations were about 3% of Indesit’s 2013 revenues, is being held separately pending antitrust clearance by the Ukrainian antitrust authority. This is expected by the end of the year.

“The appliance market in Europe is competitive and increasingly global. This transaction will build our market position and enable sustainable growth in the region,” said Whirlpool Corp. Chairman and CEO Jeff M. Fettig.

Whirlpool Italia Holdings S.r.l. will now take steps to launch a mandatory tender offer for the remainder of Indesit’s outstanding shares, with the intention to delist the company.

Electrolux

Swedish appliance giant Electrolux reported net sales of SEK 28,784 million (approx. US $4,003 million) in the third quarter of 2014, from SEK 27,258 million in the third quarter of 2013.

Sales increased by 5.6%, with 1.6% attributed to organic growth and 4.0% attributed to beneficial exchange rates.

Operating income was SEK 1,392 million in 3Q 2014, up 29% from SEK 1,075 million in 3Q 2013.

Electrolux President and CEO Keith McLoughlin said the main factor behind 3Q strong results is a strong operational recovery in Europe.

“The Latin American and Asia/Pacific operations performed well in challenging macro-economic conditions,” McLoughlin added. “Our sales and earnings in North America remain at a good level and continue to strongly contribute to the Group’s overall result.”

Major Appliances North America reported 3Q 2014 operating income of SEK 518 million (approx. US $78 million), down 8% from SEK 563 million in 3Q 2013.

Electrolux said sales were up in North America but earnings were negatively impacted by transition costs for new energy requirements and lower sales of air-conditioners.

“Major Appliances North America continues to deliver results with a good contribution to the Group’s earnings,” McLoughlin said. “Sales growth in the region remains healthy. Earnings were impacted by major transitions required to meet new energy standards from the Department of Energy as well as a continued weak market for air-conditioners. The transition has been slower and more complex than anticipated.”