Midea (company)
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Midea headquarters in Shunde, Guangdong
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| Public Company | |
| Traded as | : 000333 |
| Industry | Electrical Appliances |
| Founded | 1968 |
| Founder | He Xiangjian |
| Headquarters | Beijiao, Shunde, Foshan, Guangdong, China |
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Key people
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Fāng Hóngbō (Paul Fang, 方洪波) (Chairman) |
| Products | Household Appliances |
| Revenue | $22.17 billion USD (2015) |
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Number of employees
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100,000 |
| Website |
Midea Global Midea China |
Midea Group (Chinese: 美的集团; pinyin: Měidì Jítuán) is a Chinese electrical appliance manufacturer, headquartered in Beijiao, Shunde, Foshan, Guangdong. As of 2013, the firm employs approximately 100,000 people in China and overseas across 21 manufacturing plants and 260 logistics centers across 200 countries. Midea Group is listed on since 2013. It has been listed on the Fortune 500 since July 2016. Midea produces wide ranges of lighting, water appliances, floor care, small kitchen appliances, laundry, large cooking appliances, and refrigeration appliances. It also has a long history in producing home and commercial solutions in air conditioning and heating (HVAC). In the summer of 2016, Midea made a highly publicized move to acquire German robotics company KUKA.
Starting with only CN¥ 5,000 to open a workshop for the production of bottle lids in Beijiao, Shunde in 1968, He Xiangjian (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.
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 as 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, microwaves.
In 1993, the subsidiary which handled the core businesses of the company, known as "GD Midea Holding", proceeded with a public offering of shares on the Shenzhen Stock Exchange. The GD Midea's parent company, known today as "Midea Group", remained a privately held company.
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