| || |Chinese HVAC equipment maker, Midea, completed its deal to buy the Spanish firm Clivet, the company announced today. Midea, based in Guangdong, China, bought 80% of the Spanish manufacturer of heating, cooling and ventilation systems.
Chairman and President of Midea, Mr. Paul Fang, said:
“Today marks a major step forward towards an industrial partnership between Midea and Clivet. We look forward to leveraging on our complementary resources and capabilities to fully realize the potential of the partnership. We believe our continuous investment in the brand, technology, marketing and people and unwavering commitment to product quality will enable us to serve our customers better and create more value for the society.”
Eric Tian, President of Midea Commercial Air Conditioning Division, said:
“Through joint efforts with Midea Commercial Air Conditioning Division we will have a stronger impact on changing the way Comfort and Heat Pump systems are traditionally designed, winning the sustainability challenges the world is facing for the future. This industrial alliance, in fact, will speed up the diffusion of our principles of energy saving, air quality and sustainable comfort.”
In June this year, Midea entered into an agreement with Clivet for the acquisition. The companies completed the process of meeting due diligence and regulatory requirements on 31st October 2016.