In 1998, Midea participated in the debt and equity reorganization of Toshiba-Vanguard Refrigeration Equipment Co. Ltd. in Guangdong Province. By utilizing the complementary advantages of Midea and Toshiba, and at the same time adding huge amount of capital. By 1999, the company had turned from a loss to a profit and entered into a benign development track. By 2007, Meishi has achieved an annual output of 13 million units, annual sales of 5 billion yuan. It ranks first in China's compressor industry market.
In 1998, the U.S. reorganization of huge losses Wuhu Liguang Air Conditioning Co. The formation of the United States Wuhu regional strategic development base. Through 10 years of development, the U.S. has Wuhu into a major air-conditioning production base in China. 2007 output of nearly 5 million sets. The output value is nearly 10 billion dollars. It has become a star enterprise in Anhui Province and even in East China.
In 2004, the United States intends to enter the golf real estate industry. 2004 May, the United States from Williams Hong Kong Limited, the hands of wholly-owned acquisition of the Grand Orchid real estate as well as the Grand Orchid Golf. Previously, Grand Orchid Golf had been in a difficult business situation, and foreign investors could no longer support it. after 2004, Grand Orchid Golf's profitability has steadily increased, and it has already generated a profit of 300 million RMB.
August 28, 2004, the United States and the Chongqing Municipal General Cooperation joint venture of the new plant groundbreaking. The following year in August officially put into production. The plant Midea accounted for 55%, covers an area of 300 acres. This cooperation fills the United States in the central air conditioning technology gaps. Enriched Midea's central air-conditioning product line. At present, the plant has become the only national brand factory with batch research and development, manufacturing and sales of centrifugal chiller units.
In 2003, Midea announced the merger and acquisition of Hualing Group (listed in Hong Kong). on November 24, 2007, Midea announced an asset swap. The refrigerator and air-conditioning business of Hualing Group will be put into Midea Electric (listed in Shenzhen), while the motor business will be put into Hualing Group.
In 2004, the United States of America to participate in the loss-making Rongshida - Maytag China-US joint venture company's property rights reorganization. 2007 in Hefei City, the construction of the United States of America covers an area of about 800 acres of industrial parks, the successful realization of the expansion of the industry to the ice-washing after 2007, the United States of America's washing machine and refrigerator products have to do the top 3 in the domestic industry. Profitability has also increased significantly.
Early 2008, the United States electrical appliances close to the price of the secondary market share price to spend 1.68 billion yuan to acquire Swan, the United States has become the second largest drum washing machine production capacity base in China, second only to Haier.