Electrolux has appointed Yannick Fierling as new President and CEO of Electrolux Group effective January 1, 2025. Yannick Fierling succeeds Jonas Samuelson, who earlier this year informed the Board that he will leave his position by the end of the year.
Yannick Fierling has more than 20 years’ experience from the household appliances industry, most recently as CEO Europe for Haier Corporation during the years 2015 to 2024. Between 2000 and 2015, he held several senior positions within Whirlpool Corporation in Europe and globally.
Yannick Fierling starts at Electrolux Group on October 1 and will take on the formal role as President and CEO on January 1, 2025 after a three-month handover period.Yannick Fierling is 53 years old and a French citizen. He will be based in Stockholm. He holds two Master’s degrees in Mechanical Engineering from France and the United States.
JB Hi-Fi Group to acquire E&S Trading
JB Hi-Fi Group has entered into an agreement to acquire E&S Trading , an Australian-owned family business retailer specialising in kitchen, bathroom, and laundry appliances.
The initial acquisition is of 75% for cash consideration of $47.8 million on a cash-free/debt-free basis with a put and call option arrangement for the acquisition of the remaining 25% in September 2029
Electrolux Australia shows the way to fight climate change
The Electrolux Group’s Adelaide factory has been recognised in the South Australian Climate Leaders Awards for their continued commitment to climate change.
The Adelaide factory which manufactures kitchen ovens was adjudged the winner of the Large Enterprise category.
Electrolux is the only large whitegoods company still manufacturing in Australia, employing approximately 450 local workers.
Gree develop air conditioner
Gree Electric held the “Gree Refrigerator and Washing Machine Life Appliance Strategy Conference” in Hebei on August 2. Chairman and President Dong Mingzhu revealed at the conference that Gree is developing an air conditioner that “does not require electricity.” The development of this technology began in 2012 and has gone through more than a decade of innovation and improvement
Candy launch in Sri Lanka
Singhagiri Ltd. a leading company in Sri Lanka for consumer durables, with a heritage of over 50 years, is excited to announce that the addition of CANDY products to its portfolio. CANDY is a leading European appliance brand, whose refrigerators and washing machines will be sold exclusively by Singhagiri
Morphy Richards Embarks on Global Innovation with World’s First Ductless Portable AC
Morphy Richards is set to launch a groundbreaking new product – the world’s first certified ductless portable air conditioner. Prior to its official launch, this innovative product is already bringing cooling air to athletes in the Paris Olympic Village during the hot summer days.
Morphy Richards is introducing an array of new products in 2024, with the ductless portable air conditioner being a notable highlight. Adhering to their mission of “Innovate for enlightening progress,” Morphy Richards aims to enrich people’s lives with more joy by blending human-centric insights with smart design. The innovative portable air conditioner will make its debut on Kickstarter in early September this year and will also feature at the IFA Tech Show 2024 in Berlin
Elica suffers in the second quarter
Elica continues to invest in its future but the present, or perhaps it would be better to say the recent past, does not yet reward the courageous efforts of the Fabriano company. In the first half of 2024, turnover fell by 6.3% but on closer inspection the second quarter (- 4%) went better than the first quarter.
What has improved? Production for third parties (OEM) which grew by 9.3% in the second quarter also in the Engines segment thanks to new customers in America and sales of own brand products also in America. The weakness of demand depresses sales and margins especially in Europe and the Middle East where Elica generates 80% of its turnover. In the Cooking division, own brand sales fell by 10% between the first half of 2024 and that of 2023
“In the ventilation sector, market shares have increased. However, the margin declined from 10% in the first half to 7% in the second half. The company attributes this drop to a negative price mix and intense promotional activity, as stated in their press release. Additionally, the accounts for the first half were impacted by significant investments in rebranding, product repositioning, and participation in Eurocucina. Despite these challenges, the EBITDA decreased from 14 million in the first half of 2023 to 5.1 million in 2024. On a positive note, the margin appears to have improved from 1.5% in the first quarter to 2.8% in the second quarter,
De Longhi results
The Group achieved an expansion in turnover of more than 10% also in the second quarter, benefiting both from the consolidation of the professional coffee area and from the continuation of positive trends in the core categories. Over the last few months, we were able to successfully capitalize on structural coffee market growth, further increasing our market share, as well as meeting consumers’ new needs in the nutrition and food preparation segment, also thanks to the recent launches of new products that are increasingly focused on a consumer approach to a healthy diet”, commented CEO Fabio de’ Longhi. revenues of € 1,423.7 million, up by 10.3% (+3.5% on a like-for-like basis and +4.2% on a like for like
basis and constant currencies);
o adjusted2 Ebitda at € 204.7 million, equal to 14.4% of revenues (compared to 12.4% achieved in the first
half of 2023);
o net income pertaining to the Group of € 106.2 million, up by 28.4%;
o free cash flow before dividends and acquisitions of € 74.3 million.
In the second quarter:
o revenues of € 764.9 million, up by 11.0% (+1.5% on a like-for-like basis, with the household business
excluding comfort segment growing by +6.9%);
o Ebitda adjusted at €110.9 million, equal to 14.5% of revenues (marked improvement from 12.5% in 2023);
Net financial position as of June 30, 2024 was positive by € 305.3 million, after the net absorption of € 326.8
million in relation to the closing of the business combination between La Marzocco and Eversys.
BSH new Mexico factory
BSH Opens First Refrigeration Factory in Mexico
State-of-the-art production facility starts operations in Monterrey, Nuevo Leon, after 18 months of construction
Home appliance manufacturer produces large double-door refrigerators for the North American market
BSH is investing around 220 million euros and plans to create around 1,500 skilled jobs in the region with the factory
Europe’s leading home appliance manufacturer, BSH Hausgeräte GmbH, is expanding its global production network and will be manufacturing in Mexico into the future. In Monterrey, in the state of Nuevo Leon, large double-door, so-called French Door Bottom Mount refrigerators are now coming off the production line. The appliances produced under the Bosch and Thermador brands are specially tailored to the needs of consumers in the North American market.
Arcelik profit fall
Shares in Arcelik are down 3.54% after Turkish household appliances manufacturer reported Q2 loss
Arcelik reports Q2 net loss of 432.4 million lira ($13.04 million) compared to profit of 1.61 billion lira year ago
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