Midea Acquires Teka Following EU Approval

Acquires Teka

Europe: The European Commission has approved the acquisition of sole control of the Spanish company Teka by Chinese appliance giant Midea, confirming compliance with the EU Merger Regulation. The transaction, primarily involving the manufacture and sale of household appliances, was deemed to have a limited impact on market competition. The agreement was reached in June between holding company Heritage B, which had controlled Teka since April 2019, and Midea. Teka specializes in designing and manufacturing household appliances and sinks, operating in over 120 countries with nearly 3,000 employees and 10 factories across Europe, Asia, and the Americas. The company produces over 3 million products annually. 

Founded in 1968, Midea is a publicly traded technology group headquartered in Foshan, Guangdong Province, China, with more than 190,000 employees worldwide. The group operates in household appliances, air conditioning, industrial components, robotics, and automation. In 2023, Midea reported a turnover of EUR 48 billion (USD 51.84 billion). 

Source: Infoabe