Annual turnover reached an all-time high of US$23 billion, with one third of revenue coming from overseas. In the first half of the year Midea Group launched an E-commerce company and achieved e-commerce sales of nearly USD650 million, exceeding the figure for the whole of 2013.
Newly consolidated Midea Group (SZSE 000333) goes public on the Shenzhen Stock Exchange on September 18th .
Midea Founder and Group Chairman, He Xiangjian, resigns from the Board of Midea Group, to focus on development strategy with Midea Investment Holding Co. Ltd. Guangdong Midea Electric Appliances Co. Ltd. Chairman and President, Paul Fang, is named as He’s successor.
Midea forms joint venture partnership with Carrier in Latin America. The acquisition covers a network of sales office in Brazil, Argentina and Chile as well as three air-conditioning plants in the region. Concurrently, the company announces another joint venture with Carrier in India, joining both companies' efforts in manufacturing and distribution channels.
Midea acquires a 32.5% share of Egypt-listed air conditioning manufacturer Miraco, a joint venture with Carrier Corporation. The company also reaches a milestone of annual sales revenue 100 billion RMB (USD14.1 billion).
Midea acquires controlling share in a publicly-listed appliances manufacturer, Little Swan (SZSE:000418), further enhancing its product and brand portfolios in washing machines and refrigerators.
The company also forms a joint venture in Belarus with microwave manufacturer Horizont, to target CIS markets.
Midea establishes Vietnam Industrial Park near Ho Chi Minh City, which marks its first overseas green field manufacturing investment. Midea currently manufactures rice cookers, air conditioners and refrigerators in Vietnam.
Midea purchases Jiangsu Chunhua Electric Group, a major vacuum cleaner manufacturer in China.
Midea forms a joint venture with Toshiba-Carrier for the production of air conditioning products, strengthening its research capabilities and manufacturing management.
Midea also forms a joint venture with Chongqing General, for manufacturing and distributing commercial air conditioning systems. The company also acquires Hefei Royalstar
joint venture and Hong Kong-listed Hualing Group, officially setting foot into the refrigerator and washing machine businesses.
Midea builds its first magnetron factory with the help of acquired assets from Sanyo, thus forming an integrated supply chain for its microwave production. The company also successfully initiates other product lines such as VRFs, water dispensers, and dishwashers.
Midea purchases the Macro-Toshiba compressor factory (renamed later to GMCC-Guangdong Midea Toshiba Compressor Corporation), and steps into the air conditioning compressor business.
Midea further diversifies its product portfolio to include rice cookers and appliance motors through cooperation with several Japanese manufacturers.Also this year, Midea Electric (current name GD Midea Holding, SZSE:000527) is listed on the Shenzhen Stock Exchange.
The company signs an agreement with Toshiba to develop technology for and begin production of split-style air conditioners.
Midea starts to produce residential air conditioners.
The "Midea" trademark is registered with the company’s first logo.
The company begins production of electric fans, marking its entry into household appliance manufacturing.
Mr. He Xiangjian, founder of Midea Group, leads a group of 23 local residents of the town of Beijiao in Guangdong province in raising a total of 5,000 RMB, to establish a bottle lid production workshop.
During this course, Midea obtained brilliant achievements, becoming the biggest enterprise in Foshan. In the competition of top 50 companies in Guangdong of 2002, Midea ranked 6. The brand value of Midea increased from 2.654 billion Yuan in 1997 to 11.702 billion Yuan in 2002. Since 1990, Midea has contributed 50 million Yuan to causes such as social public welfare, education and health.