Midea Group has completed the acquisition of Teka Group, which operates in Europe, Asia, and Latin America. The transaction excludes Teka Rus.
The acquisition follows the receipt of approval in March from the European Commission, which said that the “transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active.”
With the acquisition, Midea will assist Teka to improve its operations, expand its product lines, and enter new categories. Teka specialises in stainless-steel sinks, built-in kitchen appliances and bath solutions.
The acquisition will also strengthen Teka’s organisational structure and its three core brands—Teka, Küppersbusch, and Intra—while leveraging Midea’s global operations and R&D capabilities to unlock synergies.
“We have successfully combined the best of both worlds: Midea’s technological and manufacturing excellence with Teka’s strong brand heritage and consumer insight, to provide customers worldwide with innovative solutions and enhanced value,” Jian Fu, President of Midea International Business at Midea Group, said.
“This integration will expedite our commercial development, foster industrial and R&D capabilities, allowing us to broaden our reach into new markets and categories and provide our customers and partners with even more innovative lifestyle solutions and designs,” Mauro Correia, CEO of Teka Group, said.
Founded in the Ruhr region of Germany in 1875, Teka Group now produces over 3 million products each year and has a presence in over 120 countries with a team of nearly 3,000 employees and 10 factories in Europe, Asia, and America.
Midea was founded in Foshan, Guangdong in China in 1968 and now has more than 190,000 employees worldwide.