Midea Enters Fortune Global 500 for the First Time
July 25, 2016
/PRNewswire/ -- Midea, one of the world’s top consumer appliances manufacturers, became the first company from the Chinese household appliances industry to enter the Fortune Global 500 list, when the updated ranking of the world’s largest corporations was announced on July 20, 2016.
Midea debuted at 481st after a strong 2015 that saw the company achieve USD22.17 billion revenue, and total profit of USD2.02 billion, representing a 21 percent year-on-year increase.
“In 2015 the global home appliances industry faced more challenges, and Midea was able to fly upwind by adhering to the strategy of developing cutting-edge products, improving efficiency and emphasizing global operations.” said Andy Gu, Vice President at Midea Group.
Midea has invested USD3 billion in research and development over the past five years and now operates R&D institutes in China, the United States, Japan, Germany, Italy and Singapore, integrating global resources to drive technological breakthroughs. This is in addition to an USD 1.04 billion investment in improving automation which has resulted in an average current automation ratio of 17 percent.
So far in 2016, Midea has completed the acquisition of Toshiba's home appliance business, has signed share purchase agreement for the acquisition of Clivet, an Italian air-conditioning manufacturer, and is in the process of acquiring a German industrial robotics group Kuka AG. Midea’s global strategy is to switch from traditional product exportation to operating locally in key markets.
Midea’s global platform now operates more than 200 subsidiaries and 9 strategic business units, and the company runs seven full-scale operations covering R&D, manufacturing and sales in 6 countries including Vietnam, India, Belarus, Egypt, Brazil and Argentina. Midea products are sold in more than 200 countries and regions worldwide.
The company also landed several high-profile projects in 2015, including winning the bid to install central air-conditioning in the stadiums for sports games in Brazil.
“Midea is dedicated to helping people rediscover what home means, in a surprisingly friendly way,” said Brando Brandstaeter, Head of Brand & Communication of Midea International Business. “In the future, Midea will become a conglomerate focused on smart home appliances and intelligent manufacturing.”
Established in 1968, Midea (SZ:000333) is a publicly listed and since July 2016 Fortune 500 company that offers one of the most comprehensive ranges in the home appliance industry. Midea specializes in air treatment (HVAC for B2B and B2C), refrigeration, laundry, large cooking appliances, small kitchen appliances, water appliances, floor care and lighting. Headquartered in South China, Midea currently operates with over 100,000 employees in more than 200 countries and 21 production facilities worldwide. Almost 50 years of persistent growth has brought its global revenue to $22.17 billion USD in 2015. Today, Midea is a brand leader in China in many categories, the world No.1 brand of air-treatment products and world’s largest producer of major appliances.* The company also landed several high-profile projects in 2015, including winning the bid to install central air-conditioning in the stadiums for sports games in Brazil. Looking ahead, Midea persists with its strategy to continue as a highly dynamic enterprise, with the aspiration for consistent growth that is characteristic of a world class business.
For Media Enquiries:
Shine Lee – Public Relations Manager
Brando Brandstaeter – Head of Brand & Communication