Midea to acquire a 97% stake in Teka Group from HERITAGE B.

Midea, a provider of trade services of electrical household appliances, agreed to acquire a 97% stake in Teka Group, a company that manufactures kitchen appliances, from HERITAGE B, a company that consolidates the established values of its companies under the umbrella of a clearly structured holding. Financial terms were not disclosed. “We are very satisfied with the agreement reached. Having the opportunity of being part of Midea Group will ensure a promising future for the company and its brands. It will allow the Group to improve its capacity for innovation, manufacturing, and synergetic international expansion. Most of all, the main strategic value purpose of Midea Group, “Humanizing Technology”, is aligned with Teka’s belief related to technology development towards the customer and environmental needs," Mauro Correia, Teka Group CEO.