BEIJING, Feb. 16 (Xinhua) -- Chinese electronics giant Midea Group has purchased more than 50 percent of the Israeli automation company Servotronix Motion Control, with the latter valued at $170 million, Chinese financial news portal caixin.com reported on Tuesday, citing Midea President Fang Hongbo.
"This strategic alliance represents another milestone of Midea's expansion in industrial automation and intelligent manufacturing," said Fang. "We believe that Servotronix's technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development."
The deal follows Midea's acquisition of German industrial robot manufacturer Kuka Group, which was just completed in January, marking another important step in the company's bid to expand into automation and smart manufacturing.
Founded in 1987, Servotronix develops and manufactures motion control solutions for a diverse range of industries such as robotics, medical equipment, machine tools and electronics assembly. (Global Times)