After the conclusion of a competitive sales process with several bidders, Arbonia has decided to divest the Climate Division to Midea Electrics Netherlands B.V., a company of Midea Group for an enterprise value of EUR 760 million. Subject to the approval of relevant regulators, up to CHF 400 million of the sales proceeds are to be returned to the shareholders after completion of the transaction. In addition, net sale proceeds will be used to strengthen the doors business and to reduce net debt. The doors business will strategically be further developed both organically and through acquisitions, with the objective of making Arbonia a European market leader for doors made of wood and glass.
Midea Group has agreed to acquire the ARBONIA climate division. The Board of Directors of Swiss Arbonia AG has accepted Midea Group's offer to purchase its indoor climate specialist. Both parties already signed the agreements. Completion of the transaction is subject to customary closing conditions and approval by relevant regulators.
Midea Group develops and manufactures products in the area of air conditioning and building technology, industrial components, robotics and automation. The Group’s headquarter is located in Foshan, in the south of China. With more than 190,000 employees, the group achieved a turnover of around 48 billion euros in 2023.
Arbonia climate will join Midea's building technology division, of which the European operations currently center around Clivet, headquartered in Italy. Clivet employs around 1,000 people in Europe, the Middle East and India, and focuses on building technology products for residential households and commercial buildings.
Together Clivet and ARBONIA climate will offer integrated HVAC systems for Mediterranean and Nordic climates. Both groups are committed to support the energy transition through innovative products and solutions.
Alexander Kaiss, CEO of ARBONIA climate, sees the division in good hands going forward: "Midea is a very innovative, competitive group of companies and a strategic investor from the industry that is committed to our successful further development. Midea has a demonstrated track record of past successful investments, notably in Clivet. With this acquisition, Midea is pursuing long-term goals and, together with Clivet, we see great opportunities for further profitable and sustainable growth."