International. Midea unveiled its promotion to #450 on the Fortune 500 global list, improving 31 after last year's #481 when the company became the first company in the Chinese appliance industry to enter the list.
Midea achieved operating income of 159,8 million yuan (24 billion) in 2016, a year-on-year increase of 16 percent and a net profit of 15,9 million yuan (2,4 million).
"Also during the last 12 months Midea continued to advance its strategy of pivoting towards a global operation based on efficiency that produces more advanced and innovative products in the household appliance industry.We are also shifting from the traditional Chinese products export to operate locally in key markets, "said Andy Gu, vice president of Midea Group.
Midea had a strong year of major mergers and acquisitions including the recently acquired Toshiba appliance business, the German industrial robotics group Kuka AG, Israel-based Servotronix and the Italian air-conditioning manufacturer Clivet.
The company has taken significant steps to become a world leader in home appliances, heating, ventilation and air conditioning, robotics and industrial automation systems due to its increased investment in research and development. Over the past five years, Midea has invested RMB 20 (USD 3) billion in R & D, including setting up 17 research centers in eight countries. More than 10.000 employees are now directly involved in R & D and the company now has more than 26.000 patents licensed. Only last year, the group applied for 13.546 patents and 5.562 patents for invention.