Since being established in 1968, Midea has grown from what was once a local workshop into a leading consumer appliances and heating, ventilation and air-conditioning (HVAC) systems manufacturer, with operations around the world.Forty years of persistent growth has brought its global turnover over US$22 billion in 2015. Consequently, Midea has about 100,000 employees in China and throughout the world.
Midea believes in creating value through responding rapidly to market demands, cost-efficient operations and consumer satisfaction. As a result, Midea wields a comprehensive product portfolio and vast production capacity to meet these demands. Midea’s integrated research and manufacturing process helps to enrich lifestyles worldwide through a distinct range of innovative, yet affordable products.
Today, Midea is a leading brand in China and a rising giant around the world. The company continues to globalize its operations with production bases in Vietnam, Belarus, Egypt, Brazil, Argentina, and India, to be followed by additional plants in some other countries. Midea is also expanding its distribution network in several countries to offer better services to local consumers in those locations.
In 2016, Midea made three major acquisitions, the first of which was Toshiba's home appliances business for US$477 million, followed by the even larger purchase of KUKA, the German robotics company. Lastly, acquiring Eureka, the brand that specializes in floorcare, from Electrolux AB in December.
Annual turnover reached an all-time high of US$23 billion, with one third of revenue coming from overseas. In the first half of the year Midea Group launched an E-commerce company and achieved e-commerce sales of nearly USD650 million, exceeding the figure for the whole of 2013.
Midea forms joint venture partnership with Carrier in Latin America. The acquisition covers a network of sales office in Brazil, Argentina and Chile as well as three air-conditioning plants in the region.
Concurrently, the company announces another joint venture with Carrier in India, joining both companies' efforts in manufacturing and distribution channels.
Midea acquires a 32.5% share of Egypt-listed air conditioning manufacturer Miraco, a joint venture with Carrier Corporation.
The company also reaches a milestone of annual sales revenue 100 billion RMB (USD14.1 billion).
Midea establishes Vietnam Industrial Park near Ho Chi Minh City, which marks its first overseas green field manufacturing investment. Midea currently manufactures rice cookers, air conditioners and refrigerators in Vietnam.
Midea forms a joint venture with Toshiba-Carrier for the production of air conditioning products, strengthening its research capabilities and manufacturing management.
Midea also forms a joint venture with Chongqing General, for manufacturing and distributing commercial air conditioning systems.
The company also successfully initiates other product lines such as VRFs, water dispensers, and dishwashers.
Midea purchases the Macro-Toshiba compressor factory (renamed later to GMCC-Guangdong Midea Toshiba Compressor Corporation), and steps into the air conditioning compressor business.
Midea Electric is listed on the Shenzhen Stock Exchange.
The company signs an agreement with Toshiba to develop technology for and begin production of split-style air conditioners.
Midea starts to produce residential air conditioners.
The "Midea" trademark is registered with the company’s first logo.
The company begins production of electric fans, marking its entry into household appliance manufacturing.
Mr. He Xiangjian, founder of Midea Group, leads a group of 23 local residents of the town of Beijiao in Guangdong province in raising a total of 5,000 RMB, to establish a bottle lid production workshop.