April 30,Midea Group announced yesterday in Madrid, Spain, that it has officially completed the acquisition of European kitchen appliance giant Teka Group., which marks another strategic layout of the Chinese home appliance manufacturer in the global market. This acquisition does not include Teka’s subsidiary business in Russia.
As a kitchen appliance brand with deep European roots, Teka Group currently operates in more than 120 countries and regions around the world, especially occupying an important position in Spain, Portugal, Mexico, Chile and other markets. The group's annual output reaches millions of units, with 10 production bases across three continents, Europe, Asia and the United States, and a team of nearly 3,000 employees.
It is worth mentioning that Teka Group ownsThree internationally renowned brands: Teka, Küppersbusch and Intra, with its outstanding innovation capabilities and exquisite design level, it has won 34 international design awards in the past two years. After this merger, Midea Group stated that it will retain Teka's existing organizational structure and brand system to ensure a smooth business transition.
Fu Jian, head of Midea's international business, said at the acquisition completion ceremony: "Through this strategic cooperation, both parties will give full play to their respective advantages. Midea's strength in technological innovation and manufacturing capabilities will complement Teka's accumulation of brand heritage and customer trust, and jointly provide higher value innovative products to global users."
Mauro Correia, CEO of Teka Group, also has a positive attitude towards this merger. He pointed out: "Joining Midea Group will open a new chapter of development for Teka, which will help us accelerate business expansion, open up new markets, enrich product lines, and better serve global customers."
This merger will significantly enhance Midea's competitiveness in the high-end kitchen appliance markets in Europe and Latin America, while bringing stronger R&D support and supply chain advantages to Teka. In the past ten years, Midea Group has invested nearly 100 billion yuan in research and development. Its products and services have covered more than 200 countries and regions around the world, serving more than 500 million users in total.