CHINA: Midea has entered into a definitive agreement to take an 80% stake in air conditioning manufacturer Clivet SpA, Clivet Espana SA and related real estate assets.
The remaining 20% of the company will remain with the current Clivet shareholders, the Bellò family.
Through this strategic alliance, Chinese manufacturer Midea says it will reinforce its presence on the European markets and jointly explore growth opportunities.
The completion of the transaction is subject to customary anti-trust clearances in relevant jurisdictions, and is expected before the end of the year.
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 SpA will create significant synergies in product offerings, market presence, supply chain and manufacturing.”
“Clivet will become a true European centre of excellence in developing innovative solutions for total comfort and energy efficiency,” claimed Clivet founder and chairman Bruno Bellò. “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.”
Founded in 1989, Clivet manufactures and distributes a range of HVAC products including air conditioners, chillers and heat pumps. The group employs 600 and has branches in England, Spain, Germany, UAE, India and Russia. It operates from a 50,000m² factory in Feltre (Belluno), Italy, and can count on forty agencies in Italy and fifty overseas distributors.
Midea was established in 1968 and has grown into a leading global manufacturer of consumer appliances as well as HVAC systems. Midea had total revenues of US$21bn in 2015 and approximately 100,000 employees worldwide.