MR DIY Logo THAILAND: The Thai arm of global home goods retailer Mr. DIY expected to raise about US$ 173 million (EUR 150.33 million) from its stock market debut. Following the listing, the company floated 10.9 per cent of its shares to the public. The funds are earmarked for opening an additional 500 stores in Thailand between 2025 and 2027, aiming to build a network of over 1,500 outlets by the end of this period, expanding market share, reducing debt, and strengthening ope

Vitra Italy: Vitra Italia has appointed Marcello Martinelli as its new Country Director. He has over twenty years of experience in roles involving sales leadership and management of Italian operations in companies such as Sharp Electronics, Fluidmaster and Piab AB. He will oversee the strategic development of Vitra in the Italian market, focusing on strengthening business relations and expanding the company presence. The company plans to continue growing its product portfolio

India’s PLI Scheme for White Goods India: The government received commitments worth US$ 215.7 million from 13 companies under the production linked incentive scheme for air conditioner and LED component manufacturing. Over half of the applicants were MSMEs, highlighting their increasing participation in the domestic supply chain. Nine companies will invest US$ 204.7 million in key air conditioner components such as compressors, motors, copper tubes and control assemblies, whi

Voltas India: Voltas posted a 76.3% drop in consolidated net profit to US$ 3.5 million in Q2 FY26, compared to US$ 14.9 million a year earlier. Revenue from operations fell 10.37% to US$ 264.5 million as the cooling business was impacted by a weaker summer season and GST related demand deferment. The company unitary cooling products segment, which includes room air conditioners, declined 23.2% to US$ 136.9 million due to muted retail demand and higher channel inventory follow

Rak Ceramics UAE: RAK Ceramics reported a 2.8% year-on-year rise in Q3 2025 revenue to US$ 224.7 million and 2.8% year-on-year growth for nine months to US$ 661.7 million, supported mainly by domestic and regional demand. Net profit after tax increased to US$ 18.4 million, while EBITDA rose 14.7% to US$ 45.7 million. Profit before tax grew sharply to US$ 23.6 million. The company noted a rise in net debt due to higher capital expenditure and working capital needs. Tiles reven

A.O. Smith US: A. O. Smith has signed a definitive agreement to acquire Leonard Valve Company for US$ 470 million, subject to adjustments, with the transaction expected to close in the first quarter of 2026 following regulatory approvals. After accounting for estimated tax benefits, the all-cash deal is valued at US$ 412 million. Leonard Valve and its Heat-Timer brand supply digital and thermostatic mixing valves and boiler control systems used in commercial and institutional

Cera Sanitaryware Reports 0.77% Dip in Q2 FY26 Net Profit India: Cera Sanitaryware reported a slight 0.77% dip in net profit for Q2 FY26, with profit after tax at USD 60.5 million compared to USD 60.9 million in the same quarter last year. The company’s net consolidated total income declined by 16.79% to USD 6.8 million, down from USD 8.2 million in the corresponding period of the previous fiscal, according to its BSE filing. Despite the drop, sanitaryware and faucetware segm

Utopia Bath & Kitchen Registers Trademark in Nigeria, Expanding Global Presence Nigeria: Utopia Bath & Kitchen, a renowned British bathroom manufacturer founded in 1989, has officially registered its trademark in the Federal Republic of Nigeria, marking a key milestone in its global expansion strategy. Celebrated for over three decades of British craftsmanship, innovation, and design excellence, the company offers a comprehensive range of high-quality bathroom solutions inclu

ConnectM Technology Solutions Signs USD 1.7 Million Heat Pump Distribution Deal with Greentech US: ConnectM Technology Solutions, Inc. announced a USD 1.7 million heat pump distribution agreement with Greentech Renewables, enabling its Keen Labs-branded high-efficiency heat pumps and smart controls to reach Greentech’s network of solar, electrical, and energy contractors. The partnership combines Keen Labs’ AI-driven technology with Greentech’s logistics and contractor networ

Hindware Home Innovation Limited Reports 10% Revenue Growth to USD 101 Million in Q2FY26 India: Hindware Home Innovation Limited (HHIL) announced Q2FY26 revenue of USD 101 million, reflecting a 10% year-over-year increase, with an EBITDA margin of 11%. The company is expanding its consumer appliance division through premium product launches, dealer network growth, brand premiumization, and portfolio expansion in modular furniture and water heaters. HHIL is also undergoing cor

U.S. Govt Announced USD 2,000 to Homeowners Who Upgrade Their Water Heaters but the Incentives Disappear in Under Two Months US: Homeowners can claim a federal tax credit of up to 30%, or a maximum of USD 2,000 per year, for purchasing a qualified heat pump water heaters, with incentives expiring on December 31. The average total cost in 2023 was about USD 4,700, roughly USD 2,000 for the unit and USD 2,700 for installation, meaning the tax credit can reduce the cost by aroun

Professional Organizations React to Possible Exclusion of Hybrid Heat Pumps from 5.5% VAT France: Professional organizations are voicing concerns after the latest Official Bulletin of Public Finances (BOFIP) suggested that hybrid heat pumps could be excluded from the reduced 5.5% VAT rate. Stanislas Lacroix, president of Uniclima, called the measure “a contradictory political signal that presents major legal risks,” citing its incompatibility with Article 30-0 D ter of the Fr

Panasonic Heating & Cooling Solutions Opens CENTRE of EXCELLENCE in Europe to Boost HVACR Training Czech Republic/Italy: Panasonic Heating & Cooling Solutions has launched its new European flagship training facility, the CENTRE of EXCELLENCE, at its Aquarea heat pump site in Pilsen, Czech Republic, offering 300 m² of classrooms, work bays, and a full showcase of Aquarea air-to-water heat pumps. The centre provides accredited training, remote learning, and project support to e

Huida Sanitary Ware CHINA: Huida Sanitary Ware reported its 2025 three-quarter results, with revenue/net profit/net profit attributable to non-controlling interests reaching 2.21 billion yuan (~US$ 311.3 million) / 0.015 billion yuan (~US$ 2.1 million) / -0.047 billion yuan (~US$ 6.6 million loss) for the first nine months, reflecting year-on-year declines driven by weakened terminal demand. In 2025 Q3, revenue and net profit after deducting non-recurring items stood at 0.785

Coram Group ITALY: Coram Group has appointed Patricia Slootjes as its new CEO, succeeding Bert Speijers after his distinguished three-decade tenure with the company. With more than twenty years of commercial leadership experience, Slootjes joins Coram from Miele, where she held several senior management positions over the past eight years. Under Slootjes’ leadership, Coram plans to further its investments in design, innovation and sustainability to advance the bathroom indust

Indonesia INDONESIA: Indonesia is on track to become the world’s fourth largest ceramic producer, driven by strong sectoral growth, rising investment and supportive industrial policies, according to the Ministry of Industry. "We are optimistic that Indonesia, with strong investments and well-targeted policies, will break into the global top four in the near future," said Taufiek Bawazier, the ministry's Director General of Chemical, Pharmaceutical, and Textile Industries. Ind

Refrigerant SOUTH AFRICA: South Africa’s HVAC-R sector is preparing for a major shift as the country reduces its R22 import quota to 2.5% of current consumption starting in 2026, a move aligned with commitments under the Montreal Protocol. According to SARACCA Executive Director David Botha, the reduced limit means only 80 to 100 tons of R22 will enter the market for servicing and repair. “This reduction is intended to minimise the environmental impact of R22, which is known

Greece GREECE: Greece has released the first definitive list of more than 100,000 approved beneficiaries under the “Heating System and Water Heater Upgrade Program,” a €645,000,000 (~US$ 745.5 million) initiative aimed at improving home energy efficiency nationwide. Over 5,000 vulnerable households are included, reflecting the program’s strong social focus and its goal of reducing energy costs through the replacement of old heating systems and the installation of modern solar

Somany Ceramics INDIA: Somany Ceramics Limited reported consolidated revenue of ₹681.00 crores (~US$ 76.8 million) for Q2 FY2026, reflecting a 2.9% year-on-year increase, while net profit declined to ₹15.00 crores (~US$ 1.7 million) from ₹17.00 crores in the previous year. Operational performance included tiles sales volume of 17.80 million m² and strong capacity utilization rates of 75% in tiles and 74% in sanitaryware. The Board approved a draft scheme for merger of three w

UK Tile Companies Enter Administration UNITED KINGDOM: Ceramique Internationale, along with Rowmarl Ltd, Spectrum Tiles and Euxton Tile Supplies, has entered administration, resulting in 59 redundancies. The companies, owned by Full Circle Group and Earle Group, appointed administrators on 27 October following severe financial difficulties, with operations having ceased on 24 October. Joint administrators Matthew Haw and Christopher Ratten of RSM UK Restructuring Advisory co