Toshiba and Midea Complete the Transfer of Toshiba’s Home Appliances Business
FOSHAN, China – June 30, 2016 – Midea Group Co., Ltd. (SZSE: 000333, “Midea”) today announced that they had completed the previously announced transaction to acquire Toshiba’s Home Appliances Business.
“Today marks another important milestone in the strategic partnership between Toshiba and Midea, which will bring benefits to our customers, employees, suppliers and partners,” said Mr. Paul Fang, Chairman and President of Midea, “We look forward to leveraging on our complementary resources and capabilities to fully realize 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. To our home appliance customers, Toshiba brand will continue to be synonymous with excellence, reliability and innovation.”
As previously announced on March 30, 2016, Toshiba and Midea had entered into a Definitive Agreement (“DA”) to transfer 80.1% stake in Toshiba Lifestyle Products & Services Corporation (“TLSC”). As of June 30, 2016, all the condition precedents of the DA has been satisfied and the relevant regulatory approvals have been obtained. The transaction price for the 80.1% stake was determined at JPY51.4 billion (c.US$500 million).
Midea is a global leading consumer appliances and heating, ventilation and air-conditioning (HVAC) systems business, with diversified product offering, encompassing air-conditioners, refrigerators, laundry appliances, kitchen appliances and various small home appliances. Midea is committed to build a better life and become the world’s Midea by adhering to the principle of “Creating Value for Customers”. Midea is focused on continuous technological innovation to improve product and service quality, to make life more comfortable and pleasant.
Founded in 1968 in Guangdong, China, Midea has now established a global platform of more than 200 subsidiaries and 9 strategic business units. Midea had total revenues of over US$21 billion in the fiscal year ended December 31, 2015 and approximately 100,000 employees worldwide.
To find out more about Midea, please visit http://www.midea.com/global
Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into three focus business fields: Energy that sustains everyday life, that is cleaner and safer; Infrastructure that sustains quality of life; and Storage that sustains the advanced information society. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations and is contributing to the realization of a world where generations to come can live better lives.
Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 580 consolidated companies employing 199,000 people worldwide, with annual sales surpassing 6.6 trillion yen (US$55 billion). (As of March 31, 2015.)
To find out more about Toshiba, visit www.toshiba.co.jp/index.htm