“This transaction will bolster the organizational structure and the three registered brands of the Teka Group: Teka, Küppersbusch, and Intra, while enhancing Midea’s global operations and research and development capacity to create synergies,” stated a joint communiqué from the two groups.
Lewis Fu, President of Midea International Business, Midea Group, welcomed Teka’s inclusion in the Asian group and emphasized Teka’s legacy, which dates back to its founding in 1924.
The companies believe that the transaction also guarantees financial stability for Teka, with Midea ensuring “a combination of continuity and new growth opportunities.”
Mauro Correia, Chief Executive Officer of the Teka Group, noted that the merger is an “exciting new chapter” for the group and that the integration will accelerate commercial development and enhance industrial and research and development capabilities.
Chinese company Midea has acquired a stake in Teka, which currently operates three production centers on the Iberian Peninsula, located in Santander, Zaragoza, and Ílhavo.
Last week, the Chairman of Teka Portugal’s Board of Directors, Luís Leitão, expressed enthusiasm about the group’s restructuring.
“We are very excited about this restructuring, which is a very interesting process, with the entry of a major global manufacturer into the shareholder structure, providing us a different dimension from what we have experienced in recent years,” said Luís Leitão at the time.
