World Economy

Midea Buys 25% Stake in Kuka

Midea Buys 25% Stake in KukaMidea Buys 25% Stake in Kuka

China’s Midea Group Co. will become the largest shareholder of Kuka AG after buying a 25.1% stake in the robot-making company from Voith GmbH as part of a deal that has been closely scrutinized by German politicians, Bloomberg reported. Voith will get about €1.2 billion ($1.3 billion) by selling its stake, the closely held German company said 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.