Global technology company Midea Group has completed the acquisition of Spanish appliance manufacturer Teka Group.

The acquisition will see the Teka Group enhance operations, expand its product lines, and enter new categories with the assistance of Midea.

Teka Group has 100 years’ heritage, operates in over 120 countries across five continents and its markets include Spain, Portugal, Mexico, Chile, Thailand, Turkey, Germany, the United Arab Emirates, and Scandinavia.

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The company operates 10 factories in Europe, Asia, and the Americas, and employs nearly 3,000 professionals.

According to the company, the transaction will reinforce the organisational structure of Teka and its three brands Teka, Küppersbusch, and Intra, and will leverage Midea’s global operations and R&D capabilities.

Established in 1968, Midea Group is an international tech-leading company which specialises in six major businesses including Smart Home Business, Industrial Technologies, Building Technologies, Robotics & Automation, Midea Medical and Annto Logistics.

Ranked 277 on the 2024 Fortune Global 500 list, it is one of the world’s largest home appliance manufacturing companies – with brands including Midea and Toshiba.

It is reported to have served more than 500million customers in over 200 countries and regions.

Headquartered in China, Midea Group has a gross revenue of €53.08 billion, employs more than 190,000 people worldwide and operates 44 manufacturing bases and 38 innovation centres.

President of Midea International Business, Midea Group Jian Fu stated:”We are delighted to extend a warm welcome to Teka Group as a member of the Midea family.

“We have successfully combined the best of both worlds: Midea’s technological and manufacturing excellence with Teka’s strong brand heritage and consumer insight, to provide customers worldwide with innovative solutions and enhanced value”.

CEO of Teka Group Mauro Correia added “The merger with Midea Group represents a thrilling new chapter for Teka.

“This integration will expedite our commercial development, foster industrial and R&D capabilities, allowing us to broaden our reach into new markets and categories and provide our customers and partners with even more innovative lifestyle solutions and designs”.