JTA NEWS
27 May 2018 - 14 Sivan 5778 - י"ד סיון ה' אלפים תשע"ח
JTA NEWS :
China’s Midea acquires Israel’s Servotronix E-mail

Chinese consumer appliance maker Midea Group Co., Ltd. has acquired control of Israeli motion-control company Servotronix Motion Control Ltd. for an enterprise value of US$170 million, according to media reports in February.

The deal follows the completion of Midea’s acquisition of German industrial robot manufacturer Kuka Group for over US$5 billion last month, marking another milestone in the Chinese appliance-maker’s bid to become a robotics and automation high-end industrial manufacturer.

“This strategic alliance represents another milestone in Midea’s expansion in industrial automation and intelligent manufacturing,” said Paul Fang, chairman and CEO of Midea. “We believe that Servotronix’ technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development.”

At the same time, the two parities established a strategic partnership to expand the development and sales of advanced motion-control and automation systems globally and in China. This is the first collaboration of this type for Midea in Israel.

“This alliance will provide Servotronix with significant leverage for our global operations and put Servotronix in a leadership position in the eld of robotics, control and automation, with China being a major market in this field,” said Dr Ilan Cohen, president, CEO and founder of Servotronix.

Please login or register to see the full article
 

Warning: Parameter 1 to modMainMenuHelper::buildXML() expected to be a reference, value given in /home/joomla789/domains/jewishtimesasia.org/public_html/libraries/joomla/cache/handler/callback.php on line 99
Jewish Times Asia is published by Jewish Times Asia Ltd. © Copyright 2018.
Material in the newspaper or on this site may not be used or reproduced in any form or in any way without permission from the editor.
While every effort has been made to ensure the content is true and accurate, the publisher is not responsible for any errors or omissions in the printed text.