Midea Group Co. Ltd. on Dec. 30, 2016, successfully acquired German robot maker Kuka AG through its subsidiary Mecca International (BVI) Ltd., according to a Jan. 9 press release.
The acquisition grants the Chinese household appliances maker a voting stake of 94.55% in the company, Reuters reported Dec. 30, 2016.
In a statement, Midea Chairman and CEO Paul Fang said the takeover will allow both companies to improve factory automation in many countries and let Midea strengthen its future manufacturing capabilities.
Midea announced May 18, 2016, the public tender offer for all Kuka shares and formally launched it June 16, 2016. Both parties agreed June 28, 2016, that the investment agreement will have a fixed term of seven and a half years.