Midea Buys Control of Israeli Automation Company
(Beijing) — Chinese electronics giant Midea Group acquired more than 50% of the Israeli automation company Servotronix, Midea Chairman and President Fang Hongbo told Caixin Monday.
While Fang didn’t disclose the terms, Israeli media reported that Midea valued Servotronix at $170 million, citing Servotronix Chief Executive Officer Ilan Cohen. Fang didn’t comment on that valuation in the Caixin interview.
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