Midea and Clivet Complete the Share Transfer of Clivet S.p.A
On Monday, October 31st, 2016, at Clivet’s headquarter in Feltre (Belluno) took place the ceremony of completion of the acquisition of 80% of Clivet S.p.A., Clivet España S.A. and related real estate assets by Midea Group Co., Ltd (SZSE: 000333, “Midea”).
“Today marks a major step forward towards an industrial partnership between Midea and Clivet” 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.
Eric Tian, President of Midea Commercial Air Conditioning Division, commented: "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.”
Stefano Bellò concludes: “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”.
As previously announced, Midea had entered into a Definitive Agreement (“DA”) on June 21, 2016 to acquire 80% stake of Clivet S.p.A., Clivet España S.A. and related real estate assets. As of October 31, 2016, all the condition precedents of the DA have been satisfied and the relevant regulatory approvals have been obtained.
Midea is a global leading consumer appliances and heating, ventilation and air-conditioning (HVAC) systems company, 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 10 strategic business units. Midea had total revenues of over US$21 billion in the fiscal year ended December 31, 2015 and over 100,000 employees worldwide.
To find out more about Midea, please visit http://www.midea.com/global
Clivet is a European leading company based in Italy that since 1989 is designing, producing and distributing systems for cooling, heating, air ventilation and air purification for residential, commercial and industrial markets.
The Company has an operational area of 50,000 m2 located in Feltre (Italy) and commercial offices and international subsidiaries in 6 different countries: UK, Spain, Germany, United Arab Emirates, Russia and India. The company employs over 700 people. Clivet's research and development area includes a team of over 50 designers.
Clivet, knowing that each building has specific characteristics related to its use, has gone beyond the concept of the product and has developed complete and advanced heat pump systems specialized for the different applications, ensuring high quality comfort, optimizing design and installation times, granting great efficiency and respect for the environment.
To find out more about Clivet, please visit http://www.clivet.com/