US Vice President retired from the Board of Directors, saying that international business is not affected

On the evening of January 17, Midea Electric (000527, closing price of 12.92 yuan) announced that the company's vice president, Min Jiang, had submitted a resignation application to the board of directors. After leaving the company, Minjiang no longer held any other positions in the company. In 2010, Lijiang became the vice president of Midea Electric, the president of the international business unit of Midea Refrigeration Group, and was mainly responsible for the expansion of overseas markets. With the speeding up of the internationalization of the United States, the departure of the Lijiang River has worried the outside world, will the US's global expansion pace be affected?

International business continues to expand

The US side said that Lijiang was applying for resignation as the vice president of the company for personal reasons. According to the "Daily Economic News" reporter, during the period of serving as the president of the international business department in Minjiang, the pace of the globalization strategy of the United States continued to accelerate.

The latest international layout of the United States is in India. On January 7, Midea Electric announced that it plans to invest in expanding the Indian air-conditioning market and reached an agreement with Carrier to integrate the production and sales of domestic air conditioners and the production and sales of some light commercial air conditioners in the United States. A company in which the United States invests about 20 million US dollars, accounting for 60% of the company's shares. Prior to November 15, 2011, Midea announced the acquisition of the air-conditioning business in Kelly. After the transaction was completed, Carrier Latin America became a joint venture between Midea and Carrier, as a platform for Midea to develop air-conditioning business in major countries such as Latin America. Earlier in October 2010, Midea acquired a 32.5% stake in Egypt's Miraco for US$57.48 million and became the company's second largest shareholder. Midea will thus gain access to Miraco's products, brands and markets to expand the African market.

With the establishment of the Indian joint venture as a symbol, Midea’s layout in the “BRIC” emerging economies has been fully completed. The internationalization of the United States touches major markets such as Asia, Latin America, Africa and Europe.

The pace of globalization is not affected

The global expansion of Midea’s electrical appliances is closely related to the “Twelfth Five-Year Plan”. The US Group will use its five-year goal of achieving sales revenue of 200 billion yuan and intend to “recreate a beautiful one.” Internationalization naturally becomes an important support for the rapid growth of the United States.

The data shows that in 2001, the entire US group's overseas sales were less than 200 million US dollars. By 2009, this figure has become 3.4 billion US dollars. In 2010, Midea’s overseas business revenue exceeded $5 billion.

Fang Hongbo, chairman of Midea Electric, once said that to achieve the goal of 200 billion yuan, it is sure to have better performance in the international market. Midea's products have spread all over the world. The next step is to take the M&A route on a global scale.

Then, after Lijiang’s departure from overseas market expansion, will the US’s internationalization advancement be affected? Yesterday, Li Dede, the secretary of the US Electric Appliances, said in an interview with the reporter of "Daily Economic News" that the pace of globalization of the United States is steadily moving forward and will not be affected.

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