Global appliance giant Midea has successfully completed the takeover of Teka Group – the parent company of Küppersbusch – with the aim of “rapidly expanding” the brand into new product categories.
The acquisition deal, which has been completed for an undisclosed sum, was initially announced in June 2024. Midea says it believes the acquisition will strengthen Teka’s global presence, and allow it to increase its presence in new markets.
Teka Group says it currently operates in over 120 countries across five continents. According to the company, it produces millions of products each year using its 10 factories in Europe, Asia, and the Americas. In addition to its ownership of the Küppersbusch brand, it also owns Intra and its own Teka branded products.
Established back in 1968, Midea Group is considered to be one of the world’s largest home appliance manufacturing companies. The international company specialises in a wealth of different product arenas, including smart home business, industrial technology, building technologies, robotics, and medical products. With a headquarters in China, Midea Group says it operates 44 manufacturing bases and 38 innovation centres.
According to Midea, the deal means consumers worldwide will have access to “even more comprehensive and innovative home solutions” from the two organisations.
As part of Midea Group, Teka is poised to enhance its operations, expand its product lines, and enter new categories with the assistance of its new parent company.
“We are delighted to extend a warm welcome to Teka Group as a member of the Midea family,” commented Jian Fu, president of Midea International Business.
“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”.
Meanwhile, Mauro Correia, CEO of Teka Group, added, “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.”
