On 21 June 2016, Midea Group Co., Ltd has entered into a Definitive Agreement for the acquisition of 80% of Clivet S.p.A., Clivet Espana S.A. and related real estate assets. The current shareholders of Clivet S.p.A., the Bellò family, will retain a 20% stake.
This is the third international acquisition of the Midea Group this year, following the acquisition of 80.1% stake in Toshiba home appliances business and bidding to take over a controlling stake of German robot maker Kuka. This will not only further enhance Midea commercial air conditioning’s influence and overall competitiveness in the European market, but also marks the fact that the Midea global strategy is implementing steadily.
Through this strategic alliance, Midea will reinforce its presence on the European markets, and by leveraging each other’s complementary capabilities and resources, the two well-respected enterprises will jointly explore growth opportunities.
The deal is expected to be completed by the end of the year, pending anti-monopoly reviews.
Eric Tian, President of Midea Commercial Air Conditioning Division, commented: "This strategic alliance is a win-win co-operation. The complementary strengths of Midea and Clivet S.p.A. will create significant synergies in product offerings, market presence, supply chain and manufacturing.”
"Clivet will become a true European center of excellence in developing innovative solutions for total comfort and energy efficiency. The alliance with Midea will unlock industrial synergies and increase the production capacity of Clivet’s Italian plants, granting a solid growth for both the Italian company and its collaborators” said Bruno Bellò, Chairman of Clivet S.p.A.