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Midea to cuy 80% stake in Italy's Clivet, close to Kuka deal

Staff writer |
Midea Group, China's biggest home appliances maker, has entered into a definitive agreement for the acquisition of 80 percent of Clivet, Clivet Espan and related real estate assets.

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The Bello family, the current shareholders of Clivet, a company based in Italy, will retain the rest of 20 percent stake, according to the statement.

The strategic alliance will help Midea reinforce its presence on the European markets, according to Eric Tian, president of Midea Commercial Air Condition Division.

"It is a win-win cooperation. The complementary strengths of Midea and Clivet S.P.A. will create significant synergies in product offerings, market presence, supply chain and manufacturing," said Tian.

The alliance with Clivet followed a series of cooperation between Midea and other renowned industrial players.

Midea, based in Guangdong province, has earlier announced acquisitions of an 80 percent stake in Japanese home appliance manufacture Toshiba Corp's white goods business.

Also, Media launched in mid-June a voluntary public tender offer for all shares of Kuka AG, a German-based smart industrial solution provider.

Kuka is on the brink of agreeing to an investor agreement with Midea that includes a long-term commitment to existing headquarters, factories and jobs, a source close to the negotiations said, Reuters reported.

Clivet, founded in 1989, designs, produces and distributes systems for cooling, heating, air ventilation and air purification for residential, commercial and industrial markets.

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