#China #Acquisition #Foshan #Midea Group #Teka Group

Midea Group Welcomes Teka as a New Member

In a landmark move, Midea Group, a leading global technology enterprise, has successfully concluded the acquisition of Teka Group, enhancing both companies' capabilities in the home appliance sector. The partnership promises to significantly boost Teka's market penetration and innovation potential, making strides in various markets across Europe, Asia, and Latin America.

Aligning Strengths for Greater Impact

The acquisition was initially announced in June 2024 and has now come to fruition, marking a pivotal moment for Teka. Midea's extensive expertise in technology and manufacturing will now merge with Teka's century-long legacy, enabling a collaborative approach that prioritizes enhanced product offerings and consumer solutions.

This strategic initiative is expected to accelerate Teka's competitive edge, giving the company the ability to swiftly expand into new markets and product categories while leveraging Midea's global research and development capabilities. With Teka's established presence in 120 countries, this acquisition is set to invigorate the company's growth trajectory.

Commentary from Leadership

Jian Fu, president of Midea International Business, expressed enthusiasm regarding the merger, noting, "We are delighted to welcome Teka Group to the Midea family. This collaboration harmonizes Midea's technological and manufacturing excellence with Teka's deep consumer insight and brand heritage. Together, we are positioned to deliver innovative, high-value solutions to customers worldwide."

Echoing this sentiment, Mauro Correia, CEO of Teka Group, emphasized, "The merger with Midea signifies the start of an exhilarating new chapter for Teka. This integration will expedite our commercial development, enhance our industrial and R&D capabilities, allow us to penetrate new markets and categories, and provide our customers and partners with even more innovative solutions and designs."

This acquisition is not merely a business move; it symbolizes a commitment to innovation and technological leadership, essential traits in today’s dynamic economic environment. Both customers and employees can expect a seamless transition with promising new opportunities for growth fueled by Midea's unwavering dedication to innovation.

Midea Group: Shaping the Future

Founded in 1968, Midea has risen to the ranks of a major player in the global appliance market, as evidenced by its 277th spot on the 2024 Fortune Global 500 list. The company boasts a diversified portfolio spanning smart home technologies, industrial technologies, construction, robotics, medical technology, and logistics. Headquartered in Foshan, Guangdong, China, Midea recorded an impressive revenue of €53.08 billion and employs over 190,000 professionals globally.

Notably, Midea operates 44 manufacturing facilities and 38 innovation centers worldwide, a testament to its commitment to research and development, leading to over 90,000 patents within its extensive technological repertoire.

Celebrating Teka’s Legacy and Future

Conversely, Teka Group, established in Germany in 1924, has built a reputable brand over nearly a century. The company specializes in the design and manufacture of appliances including ovens, hoods, and sinks, and is renowned for its focus on continuous innovation and design excellence. With a product range available in more than 100 countries, Teka has solidified its place in key markets like Spain, Portugal, and Germany.

The infusion of Midea's extensive resources and expertise is anticipated to propel Teka's next phase of growth, facilitating the introduction of cutting-edge products tailored to evolving consumer preferences globally.

In the coming years, Teka's commitment to design and innovation remains steadfast, as the brand has recently secured 34 awards for its innovative design in the past two years alone. With the backing of Midea, Teka is poised to revolutionize its offerings and redefine consumers’ expectations in the home appliance industry.

As both companies embark on this exciting journey together, the future looks bright, filled with opportunities to innovate and enhance the lives of millions around the globe through technological advancements.