Midea Electric Appliances purchases a 32.5% stake in Egyptian Miraco Corporation for $ 57.48 million (VC278)
Midea Electric announced on October 11, 2010 that the acquisition of 32.5% of the shares of Egyptian Miraco Company through a wholly-owned overseas subsidiary for US $ 57.48 million has completed the equity transfer registration.
Miraco is a company listed on the Cairo Stock Exchange in Egypt. It is actually managed by Carrier Corporation, a subsidiary of United Technology Corporation. It mainly produces and sells home air conditioners, central air conditioners and cold chain products. It currently occupies Egypt ’s home air conditioners, light commercial air conditioners and The central position of the central air-conditioning market share has a good production and sales network in the local area. According to information on the Cairo Exchange website, the company's 2009 revenue was approximately US $ 210 million and net profit was approximately US $ 20 million; in the first half of 2010, revenue increased by 20% year-on-year and net profit increased by 88% year-on-year.
Carrier is the world's largest supplier of HVAC and refrigeration equipment, with production and sales in more than 170 countries around the world, ranking first in the industry. Egypt's geographical location is superior, Egypt's manufacturing can radiate Africa, the Middle East and Southern Europe, with the advantage of available natural logistics radiation, Miraco company occupies a dominant position in the Egyptian market and has mastered Egypt's high-quality channels. Through this acquisition, Midea will have the opportunity to invest in Miraco ’s products, brands, and markets. Miraco will become Midea ’s high-quality platform for promoting integrated resources in Africa. At the same time, this acquisition will further deepen the strategic alliance between Midea and internationally renowned home appliance companies. .
Some experts in the home appliance industry pointed out that Midea has begun to deploy Vietnam in 2007, and the newly built Midea (Vietnam) Industrial Park radiates the entire Southeast Asia. This successful acquisition of Miraco not only allows smooth entry into the Egyptian market, but also reduces the cost and time of developing the local market, and reduces risks. Following the successful expansion of the ASEAN market, it is strategically located in the Middle East and Africa.
Fang Hongbo, chairman and CEO of Midea, pointed out that many years ago, Midea has proactively established a number of offices and branches close to the market overseas. These layouts have further strengthened the company's competitive advantage-subdivided entities, responsibilities Clear. After years of internal growth and external acquisitions and integration, Midea has a perfect domestic regional layout in the field of air conditioners, refrigerators and washing machines. The future will be a period of Midea ’s efforts in the international market. the way. Midea will be down-to-earth, stable and steady, layout the developing and fast-growing regional market, and implement the strategy of internationalization and global localization.
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