Chinese air conditioning major Midea has signed an agreement to acquire 80% equity holding in Clivet, a leading chiller manufacturer based out of Italy, at US$ 145 million.
The deal will be closed by the end of the current year. This follows close on the heels of Mitsubishi Electric of Japan acquiring Italian chiller manufacturer Climaveneta.
Midea has a sizeable and growing presence in Asia,Europe, the USA, Latin America and the Middle East. The acquisition will help Midea leverage Clivet’s sales channel for
its export markets.