It seems that Midea has acquired the Teka Group, which includes Kuppersbusch and Intra, demonstrating that Midea is really looking to make an impact in the European market.
Although Teka was around in the UK some years ago, they seemed to vanish without a trace for no apparent reason. Kuppersbusch has been about, though very limited from what we’ve seen, and Intra is unknown here.
The full press release is as follows:
Midea Group, a leading global technology company, has effectively completed the acquisition of Teka Group (excluding Teka Rus LLC). This strategic operation, initially disclosed in June 2024, strengthens Teka Group’s global competitiveness and positions it for rapid expansion in new product categories and markets.
Midea’s technological leadership, innovation, and manufacturing scale are combined with Teka Group’s century-long brand heritage and robust presence in Europe, Asia, and Latin America through the acquisition. Together, the two organizations will provide consumers worldwide with even more comprehensive and innovative home solutions.
Teka Group will enhance its operations, expand its product lines, and enter new categories with the assistance of Midea. The transaction will allow to reinforce the organizational structure and three iconic trademarks of Teka Group: Teka, Küppersbusch, and Intra, while leveraging Midea’s global operations and R&D capabilities to unlock synergies.
“We are delighted to extend a warm welcome to Teka Group as a member of the Midea family,” Jian Fu, President of Midea International Business，Midea Group, stated, “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”.
Mauro Correia, CEO of Teka Group, stated, “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”.
The transaction further solidifies Teka Group’s financial stability, operational efficiency, and market leadership, critical factors in the current economic environment. Teka Group’s customers, partners, and employees can anticipate a combination of continuity and new growth opportunities driven by Midea’s strong commitment to innovation and technological leadership.
