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Midea Group
Midea Group (Chinese: 美的集团; pinyin: Měidì Jítuán; Jyutping: mei5 dik1 zaap6 tyun4) 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. It has been listed on the Fortune Global 500 since July 2016. 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. It also has a long history in producing home and commercial products in heating, ventilation and air conditioning (HVAC). In 2017 it was reportedly the world's largest producer of industrial robots and appliances.
The group declared sales revenue of US$40.5 billion for the 2020 financial year and is listed on the main board of the Shenzhen Stock Exchange.[non-primary source needed]
In 1968, He Xiangjian (Chinese: 何享健) founded the company, which produced bottle lids in Beijiao.
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.[non-primary source needed]
In 1973, the subsidiary handling the core businesses of the company, known as "Guangdong Midea Electric", proceeded with a public offering of shares on the Shenzhen Stock Exchange. 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, in order to break into the various CIS markets.[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.[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.[non-primary source needed]
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Midea Group
Midea Group (Chinese: 美的集团; pinyin: Měidì Jítuán; Jyutping: mei5 dik1 zaap6 tyun4) 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. It has been listed on the Fortune Global 500 since July 2016. 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. It also has a long history in producing home and commercial products in heating, ventilation and air conditioning (HVAC). In 2017 it was reportedly the world's largest producer of industrial robots and appliances.
The group declared sales revenue of US$40.5 billion for the 2020 financial year and is listed on the main board of the Shenzhen Stock Exchange.[non-primary source needed]
In 1968, He Xiangjian (Chinese: 何享健) founded the company, which produced bottle lids in Beijiao.
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.[non-primary source needed]
In 1973, the subsidiary handling the core businesses of the company, known as "Guangdong Midea Electric", proceeded with a public offering of shares on the Shenzhen Stock Exchange. 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, in order to break into the various CIS markets.[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.[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.[non-primary source needed]