Midea Group Co completed its acquisition of an 80% stake in Clivet S.p.A., Clivet España S.A. and related real estate assets yesterday (31st October).
The acquisition was formally concluded at Clivet’s headquarters in Feltre (Belluno), Italy.
Midea chairman and president Paul Fang said: “Today marks a major step forward towards an industrial partnership between Midea and Clivet. We look forward to leveraging on our complementary resources and capabilities to fully realise the potential of the partnership.
“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.”
Eric Tian, president of Midea Commercial Air Conditioning Division, added: 'Through this win-win strategic alliance, Midea will further reinforce its presence on the European markets and explore growth opportunities together with Clivet.”
'Clivet is proud to become a European center of excellence for innovative solutions of Midea Group. 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.”
Midea originally announced its intention to acquire Clivet in June this year.