International. Midea unveiled its climb to #450 on the global Fortune 500 list, improving 31 spots 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 over the past 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 appliance industry. We are also shifting from exporting traditional products from China to operating 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, German industrial robotics group Kuka AG, Israel-based Servotronix and Italian air conditioning manufacturer Clivet.
The company has taken significant steps to become a global leader in 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 the establishment of 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 licensed patents. Last year alone, the group applied for 13,546 patents and 5,562 invention patents.
