On 21 June 2016, Midea Group Co., Ltd has entered into a Definitive Agreement for the acquisition of 80% of Clivet S.p.A., Clivet Espana S.A. and related real estate assets. The current shareholders of Clivet S.p.A., the Bellò family, will retain a 20% stake.
This is the third international acquisition of Midea Group this year, following the acquisition of 80.1% stake in Toshiba home appliances business and bidding to take over a controlling stake of German robot maker Kuka. This will not only further enhance the Midea commercial air conditioning’s influence and overall competitiveness in the European market, but also marks the Midea global strategy is implementing steadily.
▲ Left to right: Chairman of Clivet S.p.A., Bruno Bellò, President of Midea CAC, Eric Tian, and the CEO of Clivet S.p.A., Stefano Bellò
Through this strategic alliance, Midea will reinforce its presence on the European markets, and by leveraging each other’s complementary capabilities and resources, the two well-respected enterprises will jointly explore growth opportunities.
The deal is expected to be completed by the end of the year, pending anti-monopoly reviews.
Eric Tian, President of Midea Commercial Air Conditioning Division, commented: "This strategic alliance is a win-win co-operation. The complementary strengths of Midea and Clivet S.p.A. will create significant synergies in product offerings, market presence, supply chain and manufacturing.”
"Clivet will become a true European center of excellence in developing innovative solutions for total comfort and energy efficiency. The alliance with Midea will unlock industrial synergies and increase the production capacity of Clivet’s Italian plants, granting a solid growth for both the Italian company and its collaborators” said Bruno Bellò, Chairman of Clivet S.p.A.
Clivet is a European leading company based in Italy that since 1989 is designing, producing and distributing systems for cooling, heating, air ventilation and air purification for residential, commercial and industrial markets.
During these last 25 years Clivet has developed an innovative range of products and systems dedicated to the needs of different types of installation, becoming a leader in some important segments of the air conditioning market such as shopping centres, multiplex cinemas, trading centres, hospitals, highly crowded areas and commercial use areas in general.
As of today, the group employs a staff of 600 employees. Clivet has six branches: in England, Spain, Germany, the Arab Emirates, India and Russia.
Today Clivet covers an operation area of 50.000 m2 sited in Feltre (Belluno), Italy. The distribution network can count on 42 agencies, 100 service networks in Italy and 50 overseas distributors.
In year 2015, the sales revenue is € 120 million, taking 5% market share in Italy chillers, 3% of European chillers and 1.4% of world chiller market share.
To find out more about Clivet, please visit http://www.clivet.com/
▲ CLIVET SPA HEADQUARTER, FELTRE, Belluno - ITALIA
▲ WORKSHOP of CLIVET S.p.A.
Midea was established in 1968 and has grown into a leading global manufacturer of consumer appliances and heating, ventilation and air-conditioning (HVAC) systems, with a uniquely broad product range that includes air-conditioners, refrigerators, laundry appliances, kitchen appliances and various small home appliances. Midea had total revenues of US$21 billion in 2015 and approximately 100,000 employees worldwide.
To find out more about Midea, please visit http://www.midea.com/global
▲ Midea Group Headquarters, Foshan city, Guangdong, PRC.
About Midea Commercial Air Conditioning
As a subsidiary of Midea Group, Midea Commercial A/C is one of the leading HVAC manufacturers for VRF, chillers, etc. The HVAC market report statistics from chinaiol.com shown that in 2015 the Midea Commercial air-conditioning sales income reached 12.6 billion RMB（US$ 1.9 billion）in China, a 18.5% market share in commercial air-conditioner wise, 2.5% higher than the second player in China.
Midea Commercial air conditioning technology has also made a major breakthrough. For example, known as "tip of the pyramid," centrifugal chiller field, the Midea CAC has developed MC series high-efficient two-stage falling film centrifugal chiller which has applied for 20 patents (including 5 invention patents and 15 utility patents), and the energy efficiency reached COP 7.11 which is the highest in the world.
In addition, this April in the CR (China Refrigeration Expo) , Midea CAC officially launched the VFD direct-drive centrifugal chiller which adopts more than 10 unique innovative technologies such as single-axis direct drive technology, horizontally-opposed compressor technology, high-speed frequency motor technology, full falling film heat exchange technology, super-efficiency pneumatic technology, two-stage enhanced vapor injection technology, zero-impact electric current technology and double anti-surge technology, fundamentally increasing the operation efficiency and performance stability. Currently, the Midea CAC has received more than 120 orders of this series of product and more than 20 units have already put into operation such as the Shanghai Metro Line 2, the Shenzhen Metro, Guangzhou Baiyun International Airport T3, etc.
Moreover, the Midea Carrier JV Latin America won all the new constructed stadiums and ancillary buildings like hotel, IBC, MPC, etc. for 2016 Rio Olympic Games.