Chinese a/c manufacturer Midea has become the latest to target Europe, by taking an 80 percent stake in Italian firm Clivet. The current shareholders of Clivet, the Bellò family, will retain a 20 percent stake. In turn, Clivet said that the current shareholders will maintain an important minority stake, assuring the successful implementation of the integration process and reinforcing their commitment in developing innovative technologies and solutions.
Midea had revenue of $21 billion in 2015 and has approximately 100,000 employees worldwide.