Middleby Residential has announced the appointment of Dominic Worsley, former managing director of CDA, as the new UK group managing director. In this role, Worsley will oversee a diverse range of brands, including Aga, Rangemaster, Rayburn, La Cornue, Novy, and Josper.
Worsley brings a wealth of experience to the position, having spent the past two years leading CDA. His career also spans various roles beyond the kitchen, bedroom, and bathroom (KBB) sector, showcasing his versatile expertise.
Chef Michele Lazzarini teaches unconventional cuisine with Neff
Collaboration between the Neff brand, a brand from the Bosch stable , and the starred chef Michele Lazzarini is enriched, in fact, with a new online initiative destined to become an unmissable event for cooking enthusiasts: the Ingredient Stories column hosted on the Neff website .
An unprecedented culinary adventure, a unique journey made of tradition, passion and creativity to discover the stories behind unconventional raw materials … Chef Michele Lazzarini will show how to find them and transform them into small masterpieces, using innovative NEFF appliances
Disappointing third quarter for Arçelik
Arcelik the Turkish group lost 5 billion Turkish liras in the summer against a slight loss in the second quarter and a profit in the first quarter.Arçelik has announced its financial statements for the third quarter of 2024. The company suffered a net loss of 5 billion Turkish liras (135 million euros), much worse than the 12.7 million euros lost in the second quarter and the 13 million (equivalent in euros) profit in the first quarter. Sales fell only 5% to 105 billion Turkish liras (2.85 billion in euros) but the product mix focused on low-end products and the pressure on prices hit margins. EBITDA in the third quarter was 27% lower than that of the third quarter of 2023 and 60% lower than that of the second quarter The Whirlpool merger brought an additional contribution of 656 million euros. Western Europe is now Arçelik’s largest market with 39% of sales. There is very strong growth in the American market. The American sales share, which was 5% in 3Q23, increased to 12% in 3Q24
Hamilton Beach European distribution
Hamilton Beach has chosen EPE Group as their exclusive distribution partner for UK and Europe bringing one of the world’s most respected small appliance brands to even more households.
EPE Group With over 100 years of small appliance expertise, Hamilton Beach is a household name known for innovation and quality. EPE Group, are dedicated to extending that legacy, backed by their extensive distribution network and market reach. We understand the power of trusted partnerships in bringing premium products to consumers efficiently, consistently, and with top-notch service.
Electrolux slides on US woes and Chinese competition
Electrolux, the world’s second-biggest appliances maker, has reported lower than expected third-quarter adjusted operating profit, sending its shares down 10%.
The Swedish company has begun delivering quarterly profit again as its North American arm has picked up after years of holding back group earnings owing to high costs, competition from market leader Whirlpool and underperformance at its US factories.
However, Electrolux is also contending with competition from lower-priced rivals, such as China’s Midea, which have proved increasingly attractive to consumers squeezed by high interest rates.
“While market conditions remained challenging in Europe and North America, we continued to make progress on our cost initiatives,” said CEO Jonas Samuelson, who is due to retire at the end of the year.
“The market in Europe continued to be predominantly replacement driven and was relatively stable, with high promotional intensity,” he said.
The company reiterated that weak price expectations and other factors are expected to have a negative impact on the fourth quarter.
Shares in Electrolux fell 10% in early trade, taking their decline this year to 14%.
Operating profit excluding non-recurring items rose to 717 million crowns ($67.8m) from 314 million crowns a year earlier, against an 855 million crown mean forecast in an LSEG poll of analysts of 855 million.
Whirlpool Gains With Higher Prices Making Up for Tepid Sales
Whirlpool Corp., the owner of Maytag, rose in early trading Thursday after reporting better than expected earnings, and reaffirming its full-year sales forecast.The results show that things aren’t getting worse for Whirlpool, which also owns the KitchenAid brand. While net sales trailed projections, the company said it expects consumer sentiment to improve once the US presidential election is over.
Net sales were $3.99 billion in the three months ended Sept. 30, Whirlpool reported Wednesday. That compares with an estimate for $4.09 billion, according to the average of projections from Bloomberg. Adjusted earnings per share, however, beat expectations, helped by higher prices during promotional periods
Net sales will be about $16.9 billion this year, the company said. Whirlpool also reaffirmed its guidance for adjusted earnings per share.
Whirlpool shares rose 6.8% as of 9:36 a.m. in New York Thursday. The stock had dropped 18% this year through Wednesday’s close, as the S&P 500 Index gained more than 21%.
Hisense Doubles Foreign Revenue to $12.2 Billion in 4 Years
The brand now boasts 36 production bases, 30 research and development centers, and 64 offices outside China.
Hisense’s overseas business revenue is set to surpass $12.2 billion for the fiscal year 2023-2024, doubling the figure from four years ago. This remarkable achievement was announced during the Group’s 55th anniversary celebrations, where the company also outlined its ambitious future plans.
Over the past five years, Hisense has significantly expanded its global footprint and achieved notable technological advancements. Key factors driving this growth include the acquisition of SanDen Corporation and the development of AI-based image quality chips. These initiatives have enabled Hisense to penetrate new markets and enhance its technological capabilities. Consequently, Hisense’s overseas revenue has more than doubled since 2019, and the Group’s total revenue is projected to exceed $28.7 billion in 2023
LG Electronics Reports Record Sales
LG Electronics announced its confirmed results for the third quarter on Oct. 24, revealing a complex financial landscape marked by record sales but a significant drop in operating profit. The company reported consolidated sales of 22.1764 trillion won, a 10.7% increase compared to the same period last year and a 2.2% rise from the previous quarter. However, operating profit fell by 20.9% year-on-year to 751.9 billion won, primarily due to increased logistics and marketing costsThe Home Appliance & Air Solution (H&A) Business Division recorded sales of 8.3376 trillion won and an operating profit of 527.2
Groupe SEB financial update
Groupe SEB releases its 2024 nine-month sales and financial data Solid Growth in Q3 on a demanding comparison base, full-year outlook confirmed: ✅Nine-month sales: €5,725m, +5.6% LFL* and +3.5% reported ✅ Third-quarter sales: €1,985m, +4.0% LFL and +3.4% reported ✅Nine-month Operating Result from Activity: €444m, +14% ✅Nine-month operating margin: 7.8% vs 7.0% in 2023 ✅Outlook for 2024 confirmed: – Organic sales growth of around 5% – Operating margin close to 10% *On a like-for-like basis (organic) 📣“Sales momentum was strong in the first nine months of the year, and we continue to generate robust organic growth in the third quarter. Small Domestic Equipment markets have remained buoyant in recent months. In this context, the Group’s sales growth accelerated and was bolstered by the rollout of innovations, in particular in Western Europe and North America. Sales in Professional decreased compared to an exceptional third quarter last year, reflecting the phasing of large deals rollout. The core business excluding large deals, however, has seen a noteworthy increase over the quarter. Our Operating Result from Activity rose by 14% over the nine-month period.
Alfa Forni new electric Pizza oven
Alfa Forni’s newest electric oven is finally here! After revolutionizing the world of wood-fired and gas ovens, we proudly present Urbe, a masterpiece of technology and design. Elegance, functionality, and uncompromising performance for a perfectly baked pizza every time. Up to 10 pizzas in a row with no loss in performance, precise temperature control, and our signature refractory brick for even cooking.
With Urbe, you’re not just making pizza, you’re creating a unique experience where every meal becomes a celebration of flavor and style
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