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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.
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.
Electrolux have investing heavily in our Sao Carlos cooking facility in Brazil has led to considerable sustainability gains. The new state-of-the-art process for enameling the ovens has reduced the water consumption from 6.6 liters to 1.8 liters per produced oven. For the consumer, the welded cavity in the built-in ovens means that the appliance uses around 30% less energy to preheat. At the same time, integrated features such as the air fryer and steam function also enable users to enjoy more sustainable cooking and healthy living. The result? The built-in ovens from the Sao Carlos plant are receiving a high star rating from consumers – an impressive 4.7 on a five-point scale.
35 million European households have made the switch to washing at 30°C since 2020. That’s just one of the highlights from our latest pan-European report ‘The Truth About Laundry 2023’ which focuses on resource efficiency, and in particular energy usage.The Truth About Laundry report 2021
To help people create more sustainable habits in laundry care, we need to understand current attitudes and behaviors when it comes to how people care for their clothes, and to what extent people consider the environment. In 2021, we commissioned our first The Truth About Laundry report to give us powerful insights to drive change.Read the report here https://admin.betterlivingprogram.com/wp-content/uploads/2021/02/Electrolux_TheTruthAboutLaundry_TheReport-1.pdf
The new 700 range of cordless vacuum cleaners from Electrolux combines efficient suction, an ultra-lightweight structure weighing only 2.2 kg and an autonomy of 50 minutes on a single battery charge. Furthermore, these products have been designed with particular attention to sustainability: they are in fact made with 60% recycled plastic. The Hygienic EP71B14WET model combines suction and washing: it is equipped with a PowerPro Mop brush and a 5-layer filtering system. The Hygienic EP71HB14S version is instead characterized by a special brush for cleaning beds and sofas. Besides, thanks to the PetPro+ brush, the Animal EP71AB14UG vacuum cleaner easily removes pet hair. Finally, the Ultimate EP71UB14DB model is equipped with the automatic mode, which adjusts the suction power according to the type of surface.
If the unions accept measures aimed at increasing productivity, the Treviso plant could become the European hub in the production of mid-range built-in refrigerators with an annual production of 1.1 million pieces Electrolux is considering investing 110 million euros in the period 2024-2026 to produce built-in refrigerators by expanding the Susegana plant. As reported by Il Sole 24 Ore on 29 November, the announcement of the Susegana option came after Electrolux last year, bet 102 million euros on the dishwasher factory in Solaro (Milan)
Electrolux had announced,,the closure of the Hungarian factory in Nyíregyháza, the largest in Europe dedicated to the production of refrigerators.
In return, however, the Swedish company has asked the unions to improve productivity. In a meeting with the union representatives (Fiom, Fim and Uilm), the company explained the project to make Susegana a reference point for the production of built-in refrigerators.
In the high-end range, products with retail prices above a thousand euros, the new products of the Genesi platform are producing results in line with the multinational’s expectations. Now Electrolux wants to reduce costs in productions aimed at the mid-market segment.110 million euros of investments will go to a new Genesi line, which would be the third, and then to redo and modernize the technological departments, optimizing logistics and supply flows.
Electrolux has explained to the unions that it will be necessary to reach by 2027 the production of 1.1 million pieces per year through a significant number of permanent hirings.
Electrolux will continue to reduce its environmental footprint by shifting to renewables, and optimizing the use of energy and other resources throughout its operations. We aim to have climate neutral operations by 2030.
2022 highlights
Almost 10% reduction of carbon emissions for scope 1 and 2 (2015 baseline), surpassing our 2025 science-based climate target.
55% of Electrolux plants were certified according to our Zero Waste to Landfill program by the end of 2022.
Sourced 98% of our electricity came from renewable sources.
Roadmap to 2030
Reduce our CO2 footprint by 85% by 2025 (2015 baseline) and achieve climate neutral operations by 2030.
Improve energy efficiency at our manufacturing sites and warehouses by an additional 12.5% by 2025 (2020 baseline).
Improve water efficiency at our manufacturing sites by 25% by 2025 (2020 baseline) in potential water risk areas, until the site has reached optimal levels of efficiency.
Increase the proportion of renewable energy for our operations to 65% by 2025.
Certify all plants to the Zero Waste to Landfill program by 2025
Bagless and cordless, the new Electrolux Animal 600 ES62AB25UG vacuum cleaner is equipped with the PetPro+ brush, which allows user to quickly, effectively and quietly remove pet hair from floors and sofas. The product has: low noise motor, PowerPro multi-surface brush (which slides over every surface and ensures thorough cleaning without the need to use different accessories) and autonomy of up to 55 minutes with a full charge. When necessary, the product is recharged at the Roll in Roll out charging base with automatic coupling and release system, without having to remove the battery from the appliance to recharge it separately.
Electrolux, Europe’s biggest appliances maker, said on Monday it was on track to slash costs at underperforming plants in North America as part of its ongoing efficiency programme in the region.
“Cost per unit in the Anderson and Springfield factories will significantly improve near-term, reaching competitive cost levels,” the Swedish group said in a statement ahead of presentations to investors later in the day.
“Another key earnings contributor for business area North America is commercial growth in higher value categories, which the investments in new and innovative modular product architectures enable,” it said
Electrolux has invested heavily in its North American plants in recent years, but the pandemic and component shortages have delayed the ramp-up of local production.
The group ahead of the capital markets day in Stockholm reiterated a business and market outlook given in February, and its financial targets.
It last month predicted lower sales volumes in 2023 due to weaker consumer confidence and demand across Europe, North America and Latin America and said it may not be able to fully pass on higher energy and labour costs.
The rival to Whirlpool repeated it had “a clear path to reach” a target that the aftermarket segment will account for 10% of group sales in 2025.
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