February, 9th 2017 - Midea Group Co., Ltd. (SZ:000333, “Midea”), a leading global supplier of consumer appliances, Heating, Ventilation, and Air-Conditioning (HVAC) systems, robotics and industrial automation systems announced today the establishment of a strategic partnership with Servotronix Motion Control Ltd., a leading Israeli company with a broad scope of international business in the development and sales of advanced motion control and automation systems.
Paul Fang, Chairman and CEO of Midea, commented: “This strategic alliance represents another milestone of Midea’s expansion in industrial automation and intelligent manufacturing. We believe that Servotronix’ technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development. By leveraging each other’s complementary capabilities and resources, the two companies will join forces to develop exciting new products and explore growth opportunities going forward.”
Dr. Ilan Cohen, President, CEO and Founder of Servotronix said: “This alliance will provide Servotronix with significant leverage for our global operations and put Servotronix in a leadership position in the field of robotics, control and automation, with China being a major market in this field. We are proud that Midea has recognized our success, and we are confident that this strategic alliance will benefit the company, our customers and our employees. Servotronix will continue its operations with even more enthusiasm and strength. “
All condition precedents of the strategic partnership have been satisfied and the relevant regulatory approvals have been obtained.
About Midea
Established in 1968, Midea (SZ:000333) is a publicly listed and, since July 2016, a Fortune 500 company with diversified businesses in consumer appliances, Heating, Ventilation and Air-Conditioning (HVAC) systems, robotics and industrial automation systems. Midea currently operates a global platform of more than 200 subsidiaries and ten strategic business units. Midea generated over USD 17 billion revenue in the first 9 months of 2016, and has over 130,000 employees worldwide and numerous strategic partnerships and key customers. Midea has identified robotics and automation as an important growth market and is stepping up its involvement, amongst others with the recent acquisition of the German company KUKA, one of the largest robot manufacturers in the world. The alliance with Servotronix is the first collaboration of this type for Midea in Israel.
About Servotronix
Servotronix was founded in 1987 by Dr. Ilan Cohen. The company develops and manufactures comprehensive and high performance motion control solutions, ranging from advanced encoders, servo drives to multi-axis motion controllers, for a wide variety of industries including industrial robots, electronics assembly, semiconductor, machine tools and medical equipment. Servotronix will continue to operate from its headquarters in Petah Tikva, Israel, and coordinate its global activity, including marketing, sales and product development.
