China’s Midea acquires Israeli motion control firm Servotronix for $170m

China’s consumer appliances maker Midea Group Co Ltd has acquired Israeli motion control and automation systems company Servotronix Motion Control Ltd for a company value of $170 milion.

Servotronix’ development center in Petah Tikva will however continue to operate after the acquisition, even after the strategic cooperation with Shenzen stock exchange-listed Midea Group, according to a report from Israel’s Globe this Sunday.

In fact, last week Midea entered a strategic partnership with Servotronix for synergies with Midea in terms of value chain integration and new market development.

“This strategic alliance represents another milestone of Midea’s expansion in industrial automation and intelligent manufacturing. 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,” said Chairman and CEO of Midea Paul Fang in the statement issued last week.

By leveraging each other’s complementary capabilities and resources, the two companies will join forces to develop exciting new products and explore growth opportunities going forward, Fang had said in the statement.

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

focuses on household goods, air-conditioning, robotics and automation and is also a global supplier of the consumer appliances

Midea has identified robotics and automation as an important growth market and is stepping up its involvement, among others with the recent acquisition of the German company KUKA, one of the largest robot manufacturers in the world for $5 billion last month.

Also Read:

China’s Midea gets US approval for takeover of German robotics maker Kuka

German ministry to clear takeover of robot maker Kuka by China’s Midea

Germany’s Voith to sell its 25% stake in robot maker Kuka to Chinese bidder Midea

China: Kuka and Midea sign investment agreement

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
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