21 January 2019 - 16 Shevat 5779 - ט"ז שבט ה' אלפים תשע"ט
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.

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