The Chinese Midea, world No. 1 in air conditioning, is moving the entire domestic technology sector since after starting negotiations with Whirlpool for the acquisition of the European activities of the American giant, Whirlpool Emea (as we had already anticipated in November 2017), it would have expressed intentions of purchase of the Italian SMEG which today represents one of the world brands in the Premium range and famous for its designer appliances Dolce & Gabbana. SMEG – as the blog reports Paula's house – he would have denied the negotiation as is a must in these cases, but it is now established that the Chinese giants of domestic technology have long been on the hunt for Italian brands and not to transfer production to China but to give glamor with prestigious brands to the cheap image of made in China. And besides, in support of the first rumors there are three factors, the first is the statement that the president and CEO of the group Paul Fang made at the time regarding the expansion plans outside Asia:
"Of course, we're interested in making acquisitions whenever the opportunity arises." The second factor relates to the excellent liquidity of the group it boasts a turnover of more than 23 billion dollars, 8 in cash and over 50 in market cap. As for the proposal for the acquisition of Whirlpool Emea, in the first week of January the top management of the two multinationals met at Whirlpool's European headquarters in Rho (Milan) for what would be the definitive (and very complicated) phase of the negotiation. This has created an understandable climate of unrest among the employees. Also because - and this is the third factor that would prove a corporate change in the European branch - there was the farewell of Esther Berrozpe Galindo, EMEA president and executive vice president of Whirlpool Co., replaced ad interim by Marc Bitzer CEO of the Corporation, preceded and followed by a series of changes in the European leadership never seen before. And culminated with the very recent appointment of a new President for Europe, the French Gilles Morel, immediately after the farewell, also of considerable "weight", of the CEO of Whirlpool Italy by Davide Castiglioni. And with a series of manager changes at all levels also following the acquisition of the Indesit group.
Whirlpool EMEA also recorded in the second quarter of 2018 a "hole" of 657 million dollars with a drop in turnover from 5,3 to 5,1 billion. As for Smeg (turnover around 700 million euros, very high range), it represents for the Chinese giants looking for industrially structured European companies, an excellent response to what Haier has already done with the acquisition of General Electric (majap of high range), Fisher&Pykel (Premium and Hi-Tech built-ins) and Candy-Hoover (App Controlled large appliances). Hisense has recently absorbed Gorenje, a Slovenian company specializing in white goods, while Midea has taken control of Toshiba's maiap sector. With Smeg, he would have the advantage of a highly attractive brand with a distinctly Italian design that today sells very well all over the world. After which to stay on the European scenario of large appliances - underlines the blog Paula's house – only the German Teca and the Polish Amica. Evidently over the wave of expansion and Merger & Acquisition of consumer electronics, overwhelmed by a disastrous price war, both large and small household appliances remained to create value, which will be the center of the great future integration in residential buildings between the internet, telecommunications, Iot and security.
But the sources of all of the above? The only thing mentioned is "La Casa di Paola" which is the blog of whoever wrote this article.
Without sources, this article is clearly fake news, which can be reported to the PP.
Hello