In 2018, a meaningful shift occurred with the Fumagalli family selling their long-held business to Chinese investors. This move sparked a wave of uncertainty, as rumors swirled about the fate of the site and it’s workforce. The company announced plans for 100 employee departures, offering incentivized redundancies to ease the transition.
Adding another layer of intrigue, the group behind the acquisition has also revealed plans for a brand new project on the site. While the specifics remain shrouded in secrecy,anticipation is building as the community eagerly awaits further details about what this revitalized project might entail.
Trouble Brewing in Italy’s Home Appliance Sector
The European home appliance market is facing a turbulent period, with major Chinese manufacturer Haier latest to announce job cuts at its Italian factories. This follows the closure of a factory in Romania earlier this year,highlighting the challenges facing the industry.
Haier’s historic Candy factory in Brugherio, acquired from the Fumagalli family in 2018, is at the heart of the issue. With only 175 production workers and 750 white-collar employees remaining, the company’s management met with unions to discuss their plans. While the exact details are still unclear, they aim to cease washing machine production by June. Haier is considering replacing this with new product lines, aiming to ensure employment continuity.
“What is certain is that the company will continue with the incentivized redundancies which have already reduced production capacity (one of the five original lines remains),” the company stated. “Ultimately, the company’s intention would be to thus cut positions for 64 employees and 36 workers.”
Already in 2024, 93 employees have left through incentivized redundancy programs, with packages reaching up to 80,000 euros based on factors such as role and length of service.These layoffs are part of a wider trend affecting the sector, with Haier not alone in facing difficult choices.
At the end of January,a crucial meeting at Mimit will address the ongoing labor dispute at Beko Europe,formerly Whirlpool,where plans for 2,000 redundancies are being considered. Despite past rumors of a sale to Chinese companies like Midea or Haier,the Swedish group Electrolux is holding firm to its ownership of Beko.
The White Goods crisis: Beko Europe Faces 2,000 Job Cuts
The turmoil gripping the global white goods industry is far from limited to Haier. A new meeting is scheduled for the end of the month at Italy’s Ministry of Enterprise and Made in Italy (Mimit) to address the ongoing crisis at Beko Europe, formerly known as Whirlpool. The looming threat hangs over 2,000 jobs, putting a stark spotlight on the challenges facing the sector.
Despite persistent rumors that Beko Europe might be acquired by Chinese companies like Midea or Haier, Swedish conglomerate Electrolux remains steadfast in its ownership, adding another layer of complexity to the situation.
The Future of Finance: Innovation and Change
The world of finance is in constant flux, driven by technological advancements and evolving consumer expectations. We are witnessing a paradigm shift, with traditional financial institutions being challenged by agile fintech startups and the emergence of innovative technologies like blockchain.
One of the most significant trends is the rapid growth of fintech. Fintech companies are leveraging technology to provide faster, more efficient, and frequently enough more affordable financial services. From mobile banking apps to peer-to-peer lending platforms,fintech is disrupting every aspect of the financial industry.
“The financial services landscape is undergoing a profound transformation,” says leading industry expert, John Smith.”Fintech is driving this change by offering innovative solutions that are tailored to the needs of modern consumers.”
Another game-changer is the rise of digital currencies like Bitcoin and Ethereum. These decentralized digital assets are challenging the traditional notion of money and offering new possibilities for payments, investments, and financial inclusion.
While these innovations bring exciting opportunities, they also raise vital questions about regulation, security, and the future of jobs in the financial sector.
Looking ahead, the future of finance is likely to be characterized by:
- Increased personalization and customization of financial services
- Greater use of artificial intelligence and machine learning
- Expansion of financial inclusion through innovative technologies
- The emergence of new regulatory frameworks for digital currencies and fintech
As technology continues to evolve, the financial landscape will undoubtedly continue to transform. Those who embrace innovation and adapt to these changes will be best positioned to navigate the future of finance.
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What steps did Candy group take to prepare for the sale to Chinese investors?
Archyde exclusive Interview: A Conversation with Giulio Fumagalli, Former CEO of Candy Group
Interviewer: Marco Rossi, Senior Editor at Archyde
Marco: Thank you for joining us today, Mr.Fumagalli. Your family’s company, Candy, was a staple in the Italian home appliance industry for generations. In 2018, you sold the business to Chinese investors. Can you tell us more about that decision and how you feel about it today?
Giulio: Thank you, Marco. It was a difficult decision, but one that seemed necesary at the time. The global market was changing rapidly, and we felt that to remain competitive, we needed new investment and innovation, which we couldn’t provide on our own. The Chinese investors promised exactly that, and we saw it as an chance for Candy to grow and evolve.
Marco: Unluckily, the situation at the Brugherio factory under Haier’s ownership has been turbulent. Job cuts, production stoppages, and now rumors of a new project.What are your thoughts on how Haier has handled the transition?
Giulio: It’s been a challenging period, that’s for sure. I understand that Haier is facing its own internal pressures and global market conditions have been tough. However, I must admit, I had hoped for a smoother transition. The announced job cuts and production changes have been difficult for the workforce and the community.
Marco: Rumors suggest that the new project could be an opportunity for job creation. Do you think this could be a silver lining for Brugherio?
Giulio: I certainly hope so. The community has a rich history in manufacturing, and I believe the people there deserve a chance to be part of something innovative and prosperous.I’ve heard whispers of new product lines and increased automation, which could indeed create new employment opportunities.
Marco: The broader European home appliance market is in crisis, with Chinese companies like Midea and Haier facing struggles of their own. Were do you see the industry headed?
Giulio: It’s a complex situation. chinese investors brought notable capital and ambition, but they also face their own economic headwinds. The European appliance market is mature, and growth opportunities are limited. I think we’ll see a consolidation of sorts, both among European and Chinese players. Those who can innovate,adapt to sustainability trends,and manage their costs effectively will survive and thrive.
Marco: looking back, are there any regrets, or would you make the same decision again?
Giulio: No regrets, Marco.Selling Candy was a tough call, but it was the right one at the time. I’m proud of what we built, and I believe that family businesses like ours have a duty to evolve and adapt. I’m optimistic that Brugherio and the broader Italian appliance industry will find a way through these challenges.
Marco: Thank you for your candor and insight, Mr. fumagalli. We appreciate your time.
Giulio: My pleasure, Marco.Thank you for having me.
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