www . refrigerationandaircon . co . za RACA Journal I August 2023 17
Events and Exhibitions
Looking ahead , Livance is poised to revolutionise the HVAC industry in South Africa and beyond . With a steadfast commitment to enhancing lives through cutting-edge products , exceptional service , and a focus on sustainability , Livance is well on its way to achieving its vision of becoming a leading force in the market . By harnessing the power of innovation and collaboration , Livance is transforming the way people experience comfort and energy efficiency , setting new standards and redefining the future of the industry .
A product display featured some of Livance ’ s latest offerings .
MIDEA : A JOURNEY OF GROWTH AND INNOVATION Dennis Lee , GM of Middle East , Africa , South Asia , CIS Midea Building Technologies , thereafter , took the audience on a reflective journey through the history and achievements of this Chinese company . In 2005 , Dennis recalls a vivid memory of the company ' s beginnings , where the turnover was a humble USD7 billion , marking the early stages of what would become an extraordinary success story . Over the years , Midea has experienced remarkable growth , expanding its revenue and global presence to become a leading technology group .
Midea ' s journey began with a focus on air conditioners , capturing the Chinese market with its affordable and reliable products . Gradually , Midea ' s portfolio expanded , encompassing a wide range of household appliances and cutting-edge technologies . Today , the company has established itself as a global powerhouse with a turnover of USD64 billion in 2022 , demonstrating a remarkable growth rate and solidifying its position as a leading player in the industry .
One key factor behind Midea ' s success is its commitment to research and development . With a strong emphasis on innovation , Midea has invested a significant amount — USD8 billion in the past five years — into R & D efforts . This dedication to technological advancement has transformed Midea from a manufacturer of appliances to a technology group , leading the charge in smart home solutions , engineering services , and digital innovation .
Midea ' s growth has also been fuelled by its global expansion strategy . The company has established manufacturing facilities in various countries , including Brazil , Egypt , Italy , and South Asia . By diversifying its production capabilities , Midea has been able to cater to local markets and strengthen its presence worldwide . Additionally , the company has embraced globalisation by employing a diverse workforce , with 38 % of its employees hailing from outside of China . This global perspective has contributed to Midea ' s success in adapting to different market dynamics and meeting customer needs effectively .
In recent years , Midea underwent a strategic transformation , aligning its divisions into five segments . These segments include smart home appliances , commercial air conditioners , industrial
“ One key factor behind Midea ’ s success is its commitment to research and development . With a strong emphasis on innovation , ”
technologies , mission-critical systems , and digital innovation . By organising their operations in this manner , Midea aims to provide comprehensive solutions for customers , ranging from small home appliances to large-scale industrial applications .
Throughout its journey , Midea has remained resilient in the face of challenges . In an ever-changing global landscape , the company has embraced positive thinking and adaptability . Midea ' s commitment to being a reliable partner to its customers and its ability to navigate economic crises have been vital in maintaining steady growth and delivering exceptional performance .
Looking to the future , Midea continues to focus on innovation , expanding its global reach , and providing intelligent solutions . The company ' s dedication to research and development and its unwavering belief in its vision ensure that it remains at the forefront of technological advancements in the industry . Midea ' s positive attitude , coupled with its proven track record , instils confidence that the company will continue to thrive and shape the future of the technology sector . RACA
Attendees at the dealer conference .
www . refrigerationandaircon . co . za RACA Journal I August 2023 17