Midea, one of the world's top consumer appliances manufacturers, became the first company from the Chinese household appliances industry to enter the Fortune Global 500 list, when the updated ranking of the world's largest corporations was announced on July 20, 2016.
Midea debuted at 481st after a strong 2015 that saw the company achieve USD22.17 billion revenue, and total profit of USD2.02 billion, representing a 21 percent year-on-year increase.
"In 2015 the global home appliances industry faced more challenges, and Midea was able to fly upwind by adhering to the strategy of developing cutting-edge products, improving efficiency and emphasizing global operations." said Andy Gu, Vice President at Midea Group.
Midea has invested USD3 billion in research and development over the past five years and now operates R&D institutes in China, the United States, Japan, Germany, Italy and Singapore, integrating global resources to drive technological breakthroughs.
This is in addition to an USD 1.04 billion investment in improving automation which has resulted in an average current automation ratio of 17 percent.
So far in 2016, Midea has acquired Toshiba's home appliance business, and is in the process of acquiring German industrial robotics group Kuka AG and Italian air-conditioning manufacturer Clivet.
Midea's global strategy is to switch from traditional product exportation from China to operating locally in key markets.
Midea's global platform now operates more than 200 subsidiaries and 9 strategic business units, and the company runs seven full-scale operations covering R&D, manufacturing and sales in 6 countries including Vietnam, India, Belarus, Egypt, Brazil and Argentina.
Midea products are sold in more than 200 countries and regions worldwide.
The company also landed several high-profile projects in 2015, including winning the bid to install central air-conditioning in the stadiums for sports games in Brazil.
"Midea is dedicated to helping people rediscover what home means, in a surprisingly friendly way," said Brando Brandstaeter, Head of Brand & Communication of Midea International Business.
"In the future, Midea will become a conglomerate focused on smart home appliances and intelligent manufacturing."