Midea Group 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.[3] It has been listed on the Fortune Global 500 since July 2016.[4][5] 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.[6] 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.[7]
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.[8]
History
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.[9]
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 (company), in order to break into the various CIS markets.[9]
Products
Midea's main business is producing home appliances and commercial air conditioners; air conditioners accounted for CNY161.1 billion in 2023, over $20b USD, with other appliances accounting for CNY134.7 billion.[28]
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 the 2010s, Midea launched its own brand in a growing number of foreign markets, such as Brazil, Argentina, Chile, India, Egypt, and most countries in Southeast Asia.[29][30][31][32][33]
Competitors
In 2020, major manufacturing competitors in China included Haier and Gree Electric Appliances; these top 3 comprised 80% of the sales of China's top 10.[36] Samsung is another major competitor, especially for large appliances.[37]
For home appliances, Haier was estimated to be the largest by revenue in 2022 at $35 billion.[38]
External links
References
- KUKA AG completes Squeeze-out KUKA Aktiengesellschaft, 8 November 2022^
- 2021 Annual Report Midea Group, 30 April 2022, retrieved 30 August 2022^
- Midea Group on the Forbes World's Best Employers List