MIDEA AND CLIVET COMPLETE THE SHARE TRANSFER - MIDEA AND CLIVET COMPLETE THE SHARE TRANSFER
midea and clivet complete the share transfer
On Monday, October 31st, 2016, at Clivet's headquarter in Feltre (Belluno) took place the ceremony of completion of the acquisition of 80% of Clivet S.p.A., Clivet España S.A. and related real estate assets by Midea Group Co., Ltd (SZSE: 000333, "Midea").
"Today marks a major step forward towards an industrial partnership between Midea and Clivet" said Mr. Paul Fang, Chairman and President of Midea, "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, commented: "Through this win-win strategic alliance, Midea will further reinforce its presence on the European markets and explore growth opportunities together with Clivet."
"Clivet is proud to become a European center of excellence for innovative solutions of Midea Group. 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."
Stefano Bellò concludes: "As far as our territory is concerned, this strategic alliance lays the foundation for a development of our production site with the opportunity to create new jobs".
As previously announced, Midea had entered into a Definitive Agreement ("DA") on June 21, 2016 to acquire 80% stake of Clivet S.p.A., Clivet España S.A. and related real estate assets. As of October 31, 2016, all the condition precedents of the DA have been satisfied and the relevant regulatory approvals have been obtained.