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Midea marks debut in ‘Fortune Global 500’

The company recently acquired Toshibha’s home appliance business

| | Aug 4, 2016 | 6:13 pm
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Dubai, United Arab Emirates: Dubai-headquartered distributor, Eros Group has announced that its recently added electronic brand – Midea, has reportedly become the first company from the Chinese household appliances industry to enter the Fortune Global 500 list, an annual ranking of the top 500 corporations worldwide as measured by revenue.

Midea, the announcement said, debuted at the 481st position after a strong 2015 that saw the company achieve revenue of USD 22.17 billion, and a total profit of USD 2.02 billion, representing a 21% year-on-year increase.

Midea, the announcement informed, has invested USD three 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.

According to a press release issued by Midea, so far, in 2016, it has completed the acquisition of Toshiba’s home appliance business, has signed share purchase agreement for the acquisition of Italian air conditioning manufacturer, Clivet, and is in the process of acquiring a German industrial robotics group, Kuka.

Midea said that its global platform now operates more than 200 subsidiaries and nine strategic business units, and the company runs seven full-scale operations covering R&D, manufacturing and sales in six countries, including Vietnam, India, Belarus, Egypt, Brazil and Argentina.

“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.

Brando Brandstaeter, Head of Brand & Communication of Midea International Business, added: “Midea is dedicated to helping people rediscover what home means, in a surprisingly friendly way. In the future, Midea will become a conglomerate focused on smart home appliances and intelligent manufacturing.”

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