What is Midea:
Starting with only CN¥5,000 to open a workshop for the production of bottle lids in Beijiao, Shunde in 1968,
He Xiangjian (Chinese: 何享健), the founder of the company, has since turned Midea into one of the most successful private companies in China, with sales revenue for the entire Group declared at
US$ 22.2 billion for 2011 financial year, as well as listed on the main board of the
Shenzhen Stock Exchange
.[8][non-primary source needed]
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][non-primary source needed]
In 1993, the subsidiary which handled the core businesses of the company, known as "Guangdong Midea Electric", proceeded with a public offering of shares on the Shenzhen Stock Exchange.[9] The 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 the very next year, Midea formed a manufacturing joint venture with
Belarusian microwave producer
Horizont (rus.), in order to break into the various CIS markets.
[9][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.
[9][non-primary source needed]
In August 2012, the board of Midea Group announced that the company's founder,
He Xiangjian, had informed them of his resignation as Chairman of Midea Group. Subsequently, Guangdong Midea Electric Chairman and President
Paul Fang was named as the new Chairman of Midea Group.
[10][non-primary source needed]
A restructuring plan of the company structure was announced in April 2013.
[11] In September 2013, the whole entity was publicly listed in the Shenzhen Stock Exchange as Midea Group. At the same time, Guangdong Midea Electric was privatized by Midea Group.
[12]
At the end of 2014, the Chinese electronics giant Xiaomi invested CN¥1.2 billion by acquiring 1.2% shares of Midea Group. A cooperation between the two companies was also announced at the same time.
[13]
In 2016, Midea made three major acquisitions, the first of which was Toshiba's home appliances business for US$ 477 million,
[14] followed by the even larger purchase of KUKA, the German robotics company
.[5][6] Lastly, acquiring Eureka, the brand that specializes in floorcare, from Electrolux AB in December.
Features:
With a 8KG washing capacity, the Midea MTE80-P501Q semi-automatic washing machine features a highly-efficient motor and an air-dry function that will leave your clothes clean and dry.
Magic Cleaning Filter
Magic cleaning filter not only helps prevent soap and lint buildup in the drum or tub but also keeps it off the clothes.
Water Inlet selection
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