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Midea buys 25% stake in Kuka for $1.3 billion

By Bloomberg | China Daily | Updated: 2016-07-05 08:24

Chinese company seeks to transform production line with robot tech

Midea Group Co will become the largest shareholder of Kuka AG after buying a 25.1 percent stake in the robot-making company from Voith GmbH as part of a deal that has been closely scrutinized by German politicians.

Voith will get about 1.2 billion euros ($1.3 billion) by selling its stake, the closely held German company said on Sunday in a statement from Heidenheim, Germany. Kuka Chief Executive Officer Till Reuter backed the deal after Midea offered assurances that jobs and plants will be protected until the end of 2023.

Midea buys 25% stake in Kuka for $1.3 billion

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