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Midea Group

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Midea Group
Company typePublic
SZSE: 000333
SEHK: 300
IndustryHome appliance
Electrical devices
Founded1968; 56 years ago (1968)
FounderHe Xiangjian
Headquarters
Beijiao, Shunde District, Foshan city, Guangdong province
,
China
Key people
Paul Fang (Chairman)
ProductsMajor appliances
Small appliances
RevenueIncrease CN¥343.4 billion (2021)
Increase CN¥033.281 billion (2021)
Increase CN¥029.015 billion (2021)
Total assetsIncrease CN¥387.946 billion (2021)
Total equityIncrease CN¥0124.868 billion (2021)
OwnerHe Xiangjian
(via Chinese: 美的控股; lit. 'Midea Holding'; 31.51%)
Number of employees
About 150,000 (2021)
Subsidiaries
GD Midea(100%)
KUKA(94.55%)
Eureka

Chinese name
Simplified Chinese美的集团
Traditional Chinese美的集團
Literal meaningMidea Group
Transcriptions
Standard Mandarin
Hanyu PinyinMěidì jítuán
Yue: Cantonese
Yale RomanizationMéihdīk jaahptyùhn
JyutpingMei5dik1 zaap6tyun4
Midea Group Co., Ltd.
Simplified Chinese美的集团股份有限公司
Traditional Chinese美的集團股份有限公司
Literal meaningMidea Group, Company Limited by Shares
Transcriptions
Standard Mandarin
Hanyu PinyinMěidí jítuán gǔfèn yǒuxiàn gōngsī
Yue: Cantonese
Yale RomanizationMéihdīk jaahptyùhn gúfán yáauhhaahn gūngsī
JyutpingMei5dik1 zaap6tyun4 gu2faan2 jau5haan6 gung1si1
Websitemidea-group.com
Footnotes / references
[1]

Midea Group (Chinese: 美的集团; pinyin: Měidì Jítuán) is a Chinese electrical appliance manufacturer, headquartered in Beijiao town, Shunde District, Foshan, Guangdong and listed on Shenzhen Stock Exchange since 2013. As of 2021, the firm employed approximately 150,000 people in China and overseas with 200 subsidiaries and over 60 overseas branches.[2] It has been listed on the Fortune Global 500 since July 2016.[3][4] Midea produces lighting, water appliances, floor care, small kitchen appliances, laundry, large cooking appliances, and refrigeration appliances. It is the largest microwave oven manufacturer, and acts as an OEM for many brands.[5] It also has a long history in producing home and commercial products in heating, ventilation and air conditioning (HVAC). It is the world's largest producer of industrial robots and appliances.[6]

History

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Starting with only CN¥5,000 to open a workshop for the production of bottle lids in Beijiao, Shunde in 1968, He Xiangjian (Chinese: 何享健), the founder of the company, has since turned Midea into one of the most successful private companies in China, with sales revenue for the entire Group declared at US$ 40.5 billion for 2020 financial year, as well as listed on the main board of the Shenzhen Stock Exchange.[7][non-primary source needed]

After its initial period of manufacturing bottle lids and car parts, the company focused on the manufacture of fully finished goods; specifically, electric fans beginning in 1980. Five years later, Midea produced its first air conditioner, a product which remains the core component of Midea's business today. Over the following 15 years though, the company gradually expanded into a wide variety of other electrical home appliances, including refrigerators, washing machines, and microwave ovens.[8][non-primary source needed]

In 1973, the subsidiary which handled the core businesses of the company, known as "Guangdong Midea Electric", proceeded with a public offering of shares on the Shenzhen Stock Exchange.[8] The Guangdong Midea Electric's parent company, known today as "Midea Group", remained a privately held company at that time.

Midea opened its first overseas production facilities in 2007, in the Vietnam Industrial Park outside of Ho Chi Minh City. This would mark the beginning of a period of international expansion for the company. In 2008, Midea formed a manufacturing joint venture with Belarusian microwave producer Horizont (rus.), in order to break into the various CIS markets.[8][non-primary source needed]

2010 would see the first of several overseas joint ventures between Midea and American air-conditioner manufacturer Carrier Corporation. Their first joint venture is based in Cairo, Egypt, under the name of Miraco Carrier. The next year, Midea and Carrier continued on this course, forming a collection of closely networked joint venture companies in Brazil, Argentina and Chile, and another one separately in India.[8][non-primary source needed]

In August 2012, the board of Midea Group announced that the company's founder, He Xiangjian, had resigned as Chairman. Guangdong Midea Electric Chairman and President Paul Fang was named as the new Chairman of Midea Group.[9][non-primary source needed]

A restructuring plan was announced in April 2013.[10] In September 2013, the whole entity was publicly listed in the Shenzhen Stock Exchange as Midea Group. At the same time, Guangdong Midea Electric was privatized by Midea Group.[11]

At the end of 2014, the Chinese electronics giant Xiaomi invested CN¥1.2 billion by acquiring 1.2% shares of Midea Group. A cooperation between the two companies was also announced at the same time.[12]

In 2016, Midea made three major acquisitions, the first of which was Toshiba's home appliances business for US$477 million,[13] followed by the even larger purchase of KUKA, the German robotics company.[14][15] Lastly, acquiring Eureka, the brand that specializes in floorcare, from Electrolux AB in December.[16]

In 2017, Midea became embroiled in a controversy involving millions defective air conditioner/humidifier units made for many US brands. The incident involved lawsuits and allegations from US consumers that the company failed to honor its replacement obligations involving a recall it had issued.[17][18]

In December 2018, Midea Group established its semiconductor subsidiary MR Semi Co. Ltd.[19][20]

Products

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Midea's MDV-X VRF air conditioner

Midea's main business is producing home appliances and commercial air conditioners. It sells products domestically under its own name, while the majority of its export business is as an OEM and ODM for many well-known global brands. In recent years, Midea has begun launching its own brand in a growing number of foreign markets, such as Brazil, Argentina, Chile, India, Egypt, and most countries in Southeast Asia.[21][22][23][24][25]

The company's main product category is air conditioners, both residential and commercial. It manufactures other major home appliances such as refrigerators, washing machines, and dishwashers. Midea also offers a wide range of smaller appliances, such as microwave ovens, kettles, water dispensers, and vacuum cleaners.[26] It offers these products under its own brand, and manufactures them for sale under other brands (as an OEM), for example many microwaves are made by Midea, are internally similar but are sold under a multitude of different brands, with varying external designs.[27] The same is true for some HVAC products such as air conditioners and dehumidifiers.[28][29]

Beyond Midea's eponymous brand name, the company also employs a series of other brands. The Little Swan brand was adopted when Midea acquired the Little Swan company in 2008. Little Swan products are mostly laundry and refrigeration appliances. Hualing is a brand used by Midea for air conditioners and refrigerators, and was also adopted in 2008. MDV is one of the brands used by Midea for its line of commercial air conditioners, active since 1999. The Pelonis brand is used for heaters.

The New York Times reported that most American microwave ovens are produced by Midea, including ovens sold by major brands such as Toshiba, Whirlpool, and Black+Decker.[30]

Midea is also involved in manufacturing automotive parts — including electric water pumps, oil pumps, compressors and power steering motors — through its Welling subsidiary.[31]

Projects

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During the last decade, Midea has landed several increasingly high-profile projects, peaking with the most recent wins to install large-scale HVAC solutions in all the 12 stadiums for the Olympic games in Brazil in 2016,[32][33][34] as well as 9 of 12 stadiums for the World Cup in Brazil in 2014.[35][36]

References

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  1. ^ 2021 Annual Report (PDF) (Report). Midea Group. 30 April 2022. Retrieved 30 August 2022 – via Midea Group website.
  2. ^ "Midea Group on the Forbes World's Best Employers List". Forbes. Retrieved 2019-02-15.
  3. ^ "Midea Group #481". Fortune. Archived from the original on 2017-05-22. Retrieved 2016-09-06.
  4. ^ Group, Midea. "Midea Enters Fortune Global 500 for the First Time". www.prnewswire.com (Press release). Retrieved 2016-09-06. {{cite press release}}: |last= has generic name (help)
  5. ^ "The Best Microwave". The New York Times. 2022-04-21. ISSN 0362-4331. Retrieved 2023-01-20.
  6. ^ "Kuka's CEO plans for robot domination in China and your garage". The Business Times.
  7. ^ "Overview". Midea Group. 1 January 2012. Archived from the original on 1 December 2021. Retrieved 31 August 2012.
  8. ^ a b c d "History". Midea Group. 1 January 2012. [dead link‍]
  9. ^ "Midea Founder and Chairman Resigns from Midea Group; Board of Directors Elects Guangdong Midea Electric President as Successor". Midea Group. 25 August 2012. [dead link‍]
  10. ^ Flannery, Russell (1 April 2013). "Big China Appliance Maker GD Midea Climbs 10% After Restructuring Details Unveiled". Forbes. Retrieved 19 February 2018.
  11. ^ 发行股份吸收合并广东美的电器股份有限公司上市公告书 (PDF) (Press release). Midea Group. 12 September 2013. Archived from the original (PDF) on 20 February 2018. Retrieved 19 February 2018 – via Shenzhen Stock Exchange website.
  12. ^ Flannery, Russell (15 December 2014). "Homeward Bound Xiaomi: Appliance Maker Midea Rises 6% On Stake By Hot China Phone Brand". Forbes. Retrieved 19 February 2018.
  13. ^ "China's Midea Buys Majority of Toshiba's Home Appliance Business". Bloomberg. 17 March 2016. Retrieved 2016-09-06.
  14. ^ (www.dw.com), Deutsche Welle. "Berlin approves Kuka sale to Midea | Business | DW.COM | 17.08.2016". DW.COM. Retrieved 2016-09-06.
  15. ^ "Midea to spend billions on building industrial robots after buying Kuka". Robotics & Automation News. 2016-08-11. Retrieved 2016-09-06.
  16. ^ "Midea Acquires Eureka". HomeWorld Business. Retrieved 2016-12-05.
  17. ^ "Frustrations rise over millions of recalled dehumidifiers". www.wthr.com. April 4, 2017. Retrieved 2023-07-22.
  18. ^ Edwards, Jessy (2023-05-31). "Lawsuit claims recalled Electrolux dehumidifier caused $1M church fire". Top Class Actions. Retrieved 2023-07-22.
  19. ^ "From home appliance to automotive MCUs: China's Midea Group targets EV sector". DIGITIMES. 2023-01-05. Retrieved 2023-06-27.
  20. ^ Pandaily (2022-01-10). "Midea's Annual Output of Self-Developed MCU Chips Reached 10 Million in 2021". Pandaily. Retrieved 2023-06-27.
  21. ^ "Midea Carrier Brazil". Archived from the original on 2017-09-19. Retrieved 2013-08-28.
  22. ^ "Midea Carrier Argentina".
  23. ^ "Midea Carrier Chile".
  24. ^ "Carrier Midea India".
  25. ^ "Miraco Carrier (Egypt)".
  26. ^ "Midea Group Products". Midea Group. 1 January 2012.
  27. ^ "The Best Microwave". The New York Times. 2022-04-21. ISSN 0362-4331. Retrieved 2023-01-20.
  28. ^ "Frustrations rise over millions of recalled dehumidifiers". www.wthr.com. April 4, 2017. Retrieved 2023-07-22.
  29. ^ Edwards, Jessy (2023-05-31). "Lawsuit claims recalled Electrolux dehumidifier caused $1M church fire". Top Class Actions. Retrieved 2023-07-22.
  30. ^ "The Best Microwave". The New York Times. 2021-03-03. ISSN 0362-4331. Retrieved 2021-05-16.
  31. ^ Cheng, Kelsey (2021-05-21). "Chinese Home Appliances Giant Midea to Mass Produce Parts for New Energy Vehicles". Pandaily. Retrieved 2021-09-14.
  32. ^ "Midea Carrier to Provide HVAC Systems for Brazil's New Sports Stadiums". www.midea.com. Archived from the original on 2016-09-17. Retrieved 2016-09-06.
  33. ^ "Midea equips all of Brazil's new stadiums". Manila Standard. Archived from the original on 2016-09-16. Retrieved 2016-09-06.
  34. ^ "Midea equips Rio's 12 arenas". The Philippine STAR. Retrieved 2016-09-06.
  35. ^ "Midea Carrier in the winner's circle for Rio Olympics - Climate Control News". Retrieved 2016-09-06.
  36. ^ "Midea equips all of Brazil's new stadiums". Archived from the original on 2016-09-14. Retrieved 2016-09-06.
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