Midea Group is a consumer appliance manufacturer based in China now considered to be one of the world’s leading technology companies for the home. Beginning operations in 1968 as a small workshop producing bottle lids in Beijiao, a city in the province of Shunde, it was co-founded by He Xiangjian and is now worth upwards of $23 billion, with one-third of revenue flowing from overseas. Expanding its product offer into electric fans and then household appliances during the 1980s, in 1990, it signed an agreement with Toshiba to develop technology for the production of split-system air conditioners. By 1998, having further expanded its range into appliance motors in cooperation with several Japanese manufacturers, it purchased the Macro-Toshiba compressor factory and began operating in the air conditioning compressor business. It built its own first factory in 2001 and continued to grow through a series of acquisitions and joint ventures throughout the 2000s, eventually expanding into African, Southeast Asian and Latin American markets. In 2013, the company listed on the Shenzhen Stock Exchange as Midea Group and, the next year, entered into cooperation with Chinese electronics giant Xiamoi, who acquired 1.2 per cent of the company for 1.2 billion CNY. The company now has a global platform of more than 200 subsidiaries, 60 overseas branches and 12 strategic business units. In 2016, it was listed as part of the Fortune Global 500 at number 450. It is estimated to have around 130,000 direct and indirect employees worldwide.
- Family name: Xiangjian family
- Sector: Consumer Products & Retail
- Founded: 1968
- Founder: He Xiangjian
- Country: China
- Company headquarters: China
- Revenue: 21.3
- Employees: 93,299
- Website: midea.com
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