Midea and Clivet complete share transfer
ITALY: Midea’s acquisition of 80% of Italian air conditioning manufacturer Clivet was completed today in a special ceremony at Clivet’s factory in Feltre, Belluno, northern Italy.
The share transfer deal, first announced in June, leaves 20% of the business in the hands of current Clivet shareholders, the Bellò family.
Describing the deal as a “win-win strategic alliance”, Midea Commercial Air Conditioning Division president Eric Tian, said that it would enable Midea to reinforce its presence on the European markets and explore growth opportunities together with Clivet.
Paul Fang, Midea chairman and president, said, “We believe our continuous investment in the brand, technology, marketing and people and unwavering commitment to product quality will enable us to serve our customers better and create more value for the society.”
Revealing that Clivet would become a European centre of excellence for the group, Clivet CEO Stefano Bellò said: “Through joint efforts with Midea Commercial Air Conditioning Division we will have a stronger impact on changing the way comfort and heat pump systems are traditionally designed, winning the sustainability challenges the world is facing for the future. This industrial alliance, in fact, will speed up the diffusion of our principles of energy saving, air quality and sustainable comfort.
“As far as our territory is concerned, this strategic alliance lays the foundation for a development of our production site with the opportunity to create new jobs,” he added.