Caixin
BUSINESS & TECH

Midea Buys Control of Israeli Automation Company

By Sun Wenjing and Denise Jia
CFP
CFP

(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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