US acquisitions Miraco 30% stake

October 11, the U.S. electrical appliance issued a notice that it through the overseas wholly-owned holding subsidiaries to purchase 57.48 million U.S. dollars Egyptian Miraco company 32.5% shares, has completed the equity transfer registration. Miraco is a listed company in Cairo, Egypt, by the Joint technology company subsidiary of the company's actual management, currently occupies the Egyptian home air-conditioning, light commercial air-conditioning and central air-conditioning market share of the dominant position.　　According to the Cairo Exchange website information, the company's 2009-year income of about 210 million U.S. dollars, net profit of about 20 million U.S. dollars, while the first half of 2010 income growth of 20% per cent year-on-year, net profit growth of 88%. May 7 This year, the first announcement of the United States will buy Miraco 32.5% shares in the acquisition of the United States, the U.S. electrical appliances will become the company's second largest shareholder, after the shareholding ratio of 34% of the Kai Li Electrical appliances, and the United States electrical appliances, said, "after the acquisition,　　Do not rule out the United States of electrical appliances to further increase the stake in the possibility of becoming the largest shareholder, because of the gradual withdrawal of electrical appliances from home air-conditioning market situation has been very obvious. In July 2008, the company has established a joint venture with Midea Electric appliances to produce domestic air conditioners for export to Europe and America, with an initial registered capital of 200 million yuan,　　One of the U.S. investment 120 million yuan, holding 60%, Kai Lee Asia Limited investment 80 million yuan, shareholding 40%, for home air-conditioning annual sales to 11 million Taiwan's opening, the joint venture with the United States accounted for its global capacity of nearly 1/5. Huangxiaoming, vice president of the United States, said, "The merger is thoughtful, and we are buying a company with a good profit but a low P/E."　　"In the Egyptian market, in addition to the opening, other air-conditioning brands are basically local brands, such as Unionaire, Power-jac, Trane, because its production and sales by several family business monopolies, so Chinese enterprises difficult to enter." After the merger, the United States will continue to expand its overseas market share, but in the domestic market it is still facing the fierce competition of Gree, the recent Gree the world's 7th largest production base in Zhengzhou, this is gree in Zhuhai, Hefei, outside the third largest domestic production base, and the United States also in Hebei Handan, Guangzhou Nansha Layout, Haier also carried out the construction of 3 million new bases of CFC-free frequency air conditioner in Qingdao, and the new round of air-conditioning expansion has been launched.