He Xiangjian is a Chinese billionaire with a net worth of $24.3 billion. He founded Midea Group in 1992. Now the company is one of the leading appliances manufacturer in the world.
Midea Group started as a lid production workshop which was established in 1968 by a group of 23 people of Beijiao in Guangdong province. The company which is an household name in China specializes on home appliances, smart homes, robotics and automation, industrial technology and internet of things among others.
Currently Midea Group has operations in Egypt, Dubai, Melbourne, Jarkata, Malaysia, Vietnam, Thailand, Hong Kong, Japan, China, Moscow, Poland, Italy, Zurich Metropolitan Area, Paris, Amsterdam, London, San Jose, Denver, Virginia, Markham, Parisppany, Medford, Austin, Brazil, Argentina and Santiago in Chile.
Company products include air conditioners, dish washers, kettles, microwaves, washing machines, water dispensers, vacuum cleaners and dehumidifiers among others.
Midea also produces motor vehicles parts such as oil pumps, electric water pumps, power steering motors and compressors under Welling subsidiary. The group generates an annual revenues of $53 billion.
Midea Group operates factories in 16 countries across the world. In China alone, over 1,600 robots are being used on the production line. In 2023, Midea launched one of their factories in the Suez Canal Economic Zone valued at $25 million. It is expected to produce 1.5 million machines every year for export to US, Africa, Middle East and European Union.
The group invested $122 million on a factory in Brazil to produce microwaves, washing machines and refrigerators with a capacity of 1.3 million products per year. The facility will be inaugurated in July 2024.
Midea Group has its shares listed on Shenzhen Stock Exchange and the group is made up of an excess of 200 subsidiaries which includes Kuka (Germany-based robotics company).
He Xiangjian stepped down from the operations of Midea Group in 2012. His son is the director of Midea Group as well as Midea Real Estate Holding.
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The Midea Group employs an excess of 190,000 people out which 40,000 are based overseas in 2023. The group acquired Toshiba’s home appliances arm for $500 million. They also hold 95 percent stake in a robotic company based in Germany for which they paid $4 billion.
The billionaire founded He Art Museum and he is an avid art collector.
Midea Group Subsidiaries
- Wuxi Little Swan Company Ltd
- GD Media Air-conditioning Equipment Co Ltd
- Guangdong Media Electric Appliances Co Ltd
- Toshiba Consumer Marketing Corporation
- Guangdong Midea Refrigeration Ltd
- Hefei Midia Heating and Ventilation Equipment Ltd
- Guangdong Midea Kitchen Appliances Manufacturing Co Ltd
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