(Yicai Global) Nov. 16 -- Chinese home appliances giant Midea Group has acquired the remaining 5 percent of German industrial robot maker Kuka that it did not own.

Midea Electric bought the equity from Kuka’s minority shareholders for EUR80.77 (USD83.82) a share, its Foshan-based parent company announced yesterday. Midea Electric now owns all of Kuka via an overseas subsidiary.

Last November, Midea set out a plan to spend EUR150 million (USD155.8 million) to take Kuka private after raising its stake in the Ausburg-based firm to 95 percent in 2017 at a cost of EUR3.7 billion (USD3.8 billion).

Kuka provides robotic applications and system solutions for robots used in the auto, logistics, and electronics sectors among others. It expects revenue to grow 10 percent to EUR3.6 billion this year, recovering around 3 percent of its net profit margin before interest and taxes, according to the firm’s financial guidance.

Kuka set up business in China in 2019. Revenue from Kuka China jumped 59 percent to EUR645 million in the first three quarters this year, accounting for 23 percent of the company’s total, Midea’s earnings report showed on Oct. 29. The number of orders Kuka China received in the period surged 93 percent.

Asia has become the world’s largest market for industrial robots. The number of newly installed robots in China climbed 51 percent last year, accounting for 52 percent of the global total.

Midea’s shares [SHE: 000333] closed down 1.2 percent at CNY48.46 (USD6.85) each today, giving it a market capitalization of CNY339 billion (USD47.9 billion). 

Editor: Martin Kadiev