Midea-KUKA joint ventures

Source:Global Times Published: 2018/3/22 21:28:39

Midea Group will set up three joint ventures with KUKA Group, in an effort to expand their businesses in industrial robots, healthcare and warehouse automation, according to an announcement Midea posted on its official WeChat account on Thursday.

Midea and KUKA will each have a stake of 50 percent in the joint venture companies.

"With the joint ventures, we are now concretizing our growth plans in China, thereby securing global success for KUKA," said Till Reuter, CEO of KUKA.

"KUKA and Midea complement each other very well. The merger brings us closer to our goal of becoming the No.1 in China," Till Reuter said.

The company said China has become a world leader in industrial automation and sales of industrial robots are expected to increase 15 percent to 20 percent from 2018 to 2020, citing statistics from the International Federation of Robotics.

Posted in: COMPANIES

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