Strategic alliance between Midea and Clivet
Midea Group Co., Ltd (SZSE: 000333, “Midea”) has entered into a Definitive Agreement on 21 June 2016 for the acquisition of 80% of Clivet S.p.A., Clivet Espana S.A. and related real estate assets. The current shareholders of Clivet S.p.A., the Bellò family, will retain a 20% stake.
Through this strategic alliance, Midea will reinforce its presence on the European markets, and by leveraging each other’s complementary capabilities and resources, the two well-respected enterprises will 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 S.p.A. will create significant synergies in product offerings, market presence, supply chain and manufacturing.”
"Clivet will become a true European center of excellence in developing innovative solutions for total comfort and energy efficiency. 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” said Bruno Bellò, Chairman of Clivet S.p.A..
Crédit Agricole CIB: Sole financial adviser to Midea DC Advisory: Sole financial adviser to Clivet
Clivet General Manager Bruno Bello (l), Eric Tian (c), and Clivet CEO Stefano Bello (r)
Midea was established in 1968 and has grown into a leading global manufacturer of consumer appliances and heating, ventilation and air-conditioning (HVAC) systems, with a uniquely broad product range that includes air-conditioners, refrigerators, laundry appliances, kitchen appliances and various small home appliances. Midea had total revenues of US$21 billion in 2015 and approximately 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.
To find out more about Clivet, please visit http://www.clivet.com/