US takeover of Egyptian miraco32.5% Stakes settles

Midea Electrical Appliances (000527) Today, the announcement said that through the overseas wholly-owned holding subsidiaries to purchase the Egyptian Miraco company 32.5% shares the matter, has completed the equity transfer registration. Miraco Company is a listed company in Cairo, Egypt, the United States Joint technology company subsidiary company of the actual management, the main production and sales of home air-conditioning, central air-conditioning and cold chain products, currently occupy Egyptian home air-conditioning, light commercial air-conditioning and central air-conditioning market share of the dominant position, In the local have a good production and sales network.　　According to the Cairo Exchange website information, the company 2009-year income of about 210 million U.S. dollars, net profit of about 20 million U.S. dollars; in the first half of 2010, revenue rose 20%, net profit rose 88%. Kai Lee Company is the world's largest HVAC and refrigeration equipment suppliers, production and sales throughout the world more than 170 countries, the industry first. Egypt's strategic location, Egypt, the production of radiation in Africa, the Middle East and southern Europe, with the availability of natural logistics radiation advantages, MIRACO companies occupy the dominant position in Egypt's market, master Egypt's high-quality channels.　　Through this acquisition, the United States can obtain investment Miraco company products, brands and market opportunities, Miraco Company will become the United States in Africa to promote the integration of resources of High-quality platform, and the acquisition has further deepened the United States and the international well-known Appliance Enterprises strategic alliance. Some home appliances industry experts pointed out that 2007 the United States has begun to layout Vietnam, the new United States (Vietnam) industrial park radiation throughout Southeast Asia.　　The successful acquisition of Miraco company can not only enter the Egyptian market smoothly, but also reduce the cost and time of exploiting the local market and reduce the risk, which is the strategic layout of East Africa after the successful expansion of the ASEAN market. Fang Hongbo, Chairman and CEO of Midea Electric Appliances, pointed out that many years ago, the United States has set up a number of overseas companies close to the market and branch offices, these layouts further enhance the competitiveness of enterprises-subdivision of the main body, clear responsibility. The United States after years of internal growth and external acquisition, integration, in air-conditioning, refrigerators and washing machine areas have a very good domestic regional layout, the future will be the United States in the international market to exert their fists, internationalization is the beauty of the electrical appliances must go road. The United States will be steadfast, steady, the layout of the development and rapid growth of the regional market, the implementation of internationalization and global localization strategy.