Midea Group's (HKG:0300, SHE:000333) chairman and president, Paul Fang, said the company's non-core businesses will be closed or will be integrated while the company prioritizes overseas expansion, Yicai Global reported Monday.

At the company's annual meeting, Fang said the Chinese appliance company would simplify its business structure, focus on core businesses and categories, and streamline stock-keeping units, as well as strictly control the entry of new categories.

The business model will be simplified through the further streamlining of research and development. The company will also improve its localization layout and develop localization capabilities, the media outlet said.

Fang added that Midea is looking at expanding into international markets, including North America, Western Europe, Southeast Asia, the Middle East, and South America.

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