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Strategic Alliance Between
Midea and Servotronix
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 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.
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HVACR Leaders • May 2017