Midea's businesses in Europe, the Middle East and the Americas

analysisMidea's 2025 annual report states that during 2025 the group completed the acquisitions of the Arbonia Climate business, the China elevator business of Toshiba and the international business of Carestream. The same passage reports 2025 overseas revenue of RMB 195.9 billion, up 16%, and revenue from the ToB (business-to-business) segment of RMB 122.8 billion, up 17.5%, and describes localized own operations covering 50 major countries, with 29 overseas R&D centres and 43 major overseas manufacturing bases. ¹

analysisIn April 2024 Midea signed an agreement with Arbonia AG, Arbonia Schweiz AG, Arbonia Deutschland GmbH and AFG International AG to buy all of the equity of 22 subsidiaries, together called Arbonia Climate, for EUR 542,425,000 (RMB 4,070,631,000 at the acquisition date), and completed the purchase in February 2025 as part of the expansion of its HVAC (heating, ventilation and air-conditioning) business. According to the 2025 annual report, the adjusted consideration at the acquisition date was RMB 4,122,198,000, the fair value of the identifiable net assets RMB 2,985,995,000 and the resulting goodwill about RMB 1,136,203,000; the net cash outflow on the purchase in 2025 was RMB 3,757,962,000. Midea's 2025 annual results announcement presents the deal as part of designating Europe as its second home market overseas. ^{1 2}

analysisIn 2025 Midea merged its Italian air-conditioning business Clivet with the newly acquired Arbonia Climate to form MBT Climate, which its 2026 interim report and 2025 annual results announcement describe as a unified multi-brand integrated operating platform; the results announcement adds that the MBT Climate research and development centre officially opened in Italy in July 2025. The 2025 annual report lists Clivet S.p.A. as a subsidiary of the company established in Italy. ^{3 2 1}

analysisTwo further purchases closed in 2025. Under an October 2024 agreement with Toshiba Elevator and Toshiba (China) Co., Ltd., Midea completed in February 2025 the acquisition of 58% of Toshiba Elevator (China) Co., Ltd. and Toshiba Elevator (Shenyang) Co., Ltd. for RMB 988,834,000 as part of its elevator business; the 2025 annual report records identifiable net assets with a fair value of RMB 1,081,585,000, an increase in minority interests of RMB 454,266,000, goodwill of about RMB 361,515,000 and a 2025 net cash outflow of RMB 764,984,000. In May 2025 Midea agreed with Carestream Health, Inc. and Carestream Health Acquisition, LLC to buy all of the equity of 11 subsidiaries making up the Carestream business for USD 264,712,000 (RMB 1,861,746,000 at the acquisition date), and completed the purchase in December 2025 as part of its medical business. On the annual report's provisional purchase-price allocation, the identifiable net assets had a fair value of RMB 1,451,167,000 and goodwill was about RMB 410,586,000; the net cash outflow in 2025 was RMB 446,556,000. ¹

analysisMidea bought the Spanish appliance maker Teka Industrial, S.A. under two agreements. According to Midea's 2025 annual report, the group signed in June 2024 with Heritage B B.V. for 97.38% of the shares and in April 2025 with SPALA INVESTMENTS XXI, S.L.U. for the remaining 2.62%, for a total consideration of EUR 213,011,000 (RMB 1,752,017,000 at the acquisition date), and completed the acquisition in April 2025 as part of its overseas smart-home strategy; the identifiable net assets had a fair value of RMB 1,071,037,000, minority interests rose by RMB 18,370,000 and goodwill of about RMB 699,350,000 arose. The report lists Teka Industrial as a subsidiary in Spain. When the deal was announced, a Spanish media report of 7 June 2024 described it as an agreement by the German group Heritage B to transfer Teka Group to Midea, subject to regulatory approvals and with closing expected in the following months, without disclosed financial terms. According to that report the business covered the Teka, Küppersbusch and Intra brands, about 3,000 staff, ten factories in Europe, Asia and America and gross revenue of about EUR 600 million in 2023, and HSBC and Ashurst advised Heritage B on the financial and legal side. ^{1 2 3 4}

analysisA second Spanish media report, of 24 September 2024, said, citing unnamed sources, that the undisclosed price had barely exceeded Teka's debt of about EUR 100 million and that Midea had prevailed over the Saudi fund Alat. It described Teka as owned by the German businessman Maximilian Bronner and reported that Teka had lost EUR 26.2 million in 2022 after a loss of EUR 1.7 million the year before, and that a EUR 96 million debt refinancing in July 2023 had extended maturities to 2028. The price estimate is not a confirmed figure: the annual report's EUR 213,011,000 covers the 97.38% and 2.62% stakes together and is a different measure. The personal ownership described in the media report is its own wording; the annual report names Heritage B B.V. as the seller of the 97.38% stake. ^{5 1 2}

analysisTeka also wrote down its share capital to absorb accumulated losses. An announcement in Spain's Official Gazette of the Commercial Registry (BORME-C-2024-5245, 23 September 2024), signed by board chair Arturo Baldasano Supervielle on 17 September 2024, states that Teka's ordinary general meeting of 30 July 2024 resolved to reduce share capital by EUR 63,641,295, by lowering the nominal value of each share by EUR 2,997 to EUR 3 and leaving capital of EUR 63,705, to restore the balance between capital and equity reduced by accumulated losses; the reduction used the balance sheet at 31 December 2023 verified by the auditor Ernst & Young, S.L. (audit report of 31 May 2024), and creditors had no right of opposition. A later announcement (BORME-C-2025-989, 27 March 2025) refers to a reduction approved by a general meeting on 16 December 2024 and registered in Santander on 13 January 2025, after which the board began on 25 March 2025 to replace the share certificates; a company-data summary gives the registered reduction as EUR 63,641,295 (99.90%), from EUR 63,705,000 to EUR 63,705. The record does not explain whether the December 2024 meeting repeated, confirmed or replaced the July 2024 resolution. A Spanish media report of 24 September 2024 called the 2024 reduction of EUR 63.6 million the second in three years, after one of EUR 63.7 million in September 2021 that only this report mentions and no BORME entry in the record shows. ^{6 7 8 5}

analysisThe commercial registry records the change of control. On 3 July 2025 the Cantabria registry entered a declaration that Teka had become a single-shareholder company with Midea Electrics Netherlands B.V. as sole shareholder and, in a second entry that day, the departure of chair Arturo Baldasano Supervielle and directors Peter Bronner and Maximilian Bronner and the appointment of Wang Jianguo as chair and of Yuen Ka Ming Larry and Fu Jian as directors (BORME-A-2025-129-39). The gazette gives no personal identifiers; this Wang Jianguo is taken to be Midea Group's executive president of that name because he was appointed when a Midea subsidiary became sole shareholder. On 28 April 2026 he ceased as director and chair and Lei Zhao was appointed director and chair (BORME-A-2026-86-39); the record does not establish whether this Lei Zhao is the Midea Group vice-president Zhao Lei, and the two are treated as separate people. A commercial company-data service lists Teka Industrial with tax code (CIF) A39004932, incorporation on 1 October 1964, registration in Cantabria, a registered address in Santander, household-appliance manufacturing as its activity, share capital of EUR 63,705, an undated headcount of 620, Ernst & Young SL as auditor, Midea Electrics Netherlands B.V. as owner and Lei Zhao as board chair, fields that reflect the registry entries known to the service. ^{8 4 9}

analysisA Spanish media report of 25 November 2025, based on a statement by the union federation UGT FICA, said that Teka had proposed a collective dismissal procedure (ERE, the Spanish procedure for collective redundancies) and that its owner Midea intended the collective dismissal to affect 574 workers: 222 at Zaragoza, 191 at Santander, 58 at the Alcalá de Henares logistics centre and 103 in Madrid and the commercial branches. According to the union, the company gave 'productive and organisational' causes, to be detailed in an explanatory report and a technical report for the workers' negotiating committee. UGT FICA rejected the plan as a disproportionate loss of employment that did not match the company's real situation, called on the regional governments concerned and the Spanish government to intervene, and recalled that Teka Industrial had passed to Midea Group in 2024 with the approval of the European Commission; Midea's 2025 annual report dates completion of the acquisition to April 2025. The figures and stated grounds come from the union's statement as relayed by the report, and the record holds no statement by Teka or Midea. A media report of 10 February 2026 later stated that a pre-agreement between the unions and the company had reduced the planned dismissals across Spain from 99 to 66. ^{1 2}

analysisThat report of 10 February 2026, citing union sources speaking to a news agency, stated that a majority of Teka's workforce had ratified the pre-agreement reached by the unions UGT-FICA, CCOO and CSIF with the company on the ERE raised by Midea, which reduced the planned dismissals across Spain from 99 to 66, 34 of them at the Santander plant instead of 47. According to the report, the pre-agreement cut dismissals to 80, and up to 14 possible relocations to Alcalá de Henares would bring the overall figure to 66. Its terms include an income plan for workers from 59 years of age; severance of 40 days per year worked, capped at 30 monthly payments, for the others; company payment of the special Social Security agreement for workers between 55 and 63 years of age; a three-year guarantee for future dismissals; a voluntary period; an external outplacement service; and priority for dismissed workers in future vacancies. This is the unions' account as reported: vote figures had not been released at the time, the record does not explain how the starting figure of 99 relates to the 574 positions in the November 2025 proposal, and there is no direct statement by Teka or Midea on the procedure in the record. Midea's 2026 interim report says only that in Europe the group was integrating Teka's factories in an orderly way to optimise its appliance production capacity and that it completed the integration of Teka's logistics business in Spain in April 2026. ^{2 1 3}

analysisIn September 2025 Midea reached joint-venture agreements with Frigicoll, its long-term European partner, in Spain and France, setting up 'Midea Frigicoll HVAC Spain' and 'Midea HVAC France' to expand in the HVAC markets of the two countries, according to Midea's 2025 annual results announcement and 2025 annual report. The reports use that business name; a media report identifies the Spanish company as the former Frigicoll HVAC, S.L.U., registered in Barcelona, which took the name Midea Frigicoll HVAC S.L. in July 2026. The 2025 annual report also states that in 2025 the group completed the acquisitions of Frigicoll HVAC, S.L. and of two Chinese heating companies for a combined consideration of EUR 41,407,000 (RMB 347,841,000 at the acquisition date) and obtained actual control of them; it gives no separate figure or shareholding for Frigicoll HVAC. ^{1 2 3}

analysisA Spanish trade-media report of 10 September 2025 said that Midea and Frigicoll had announced the joint venture through an investment in Midea Frigicoll HVAC Spain, formerly Frigicoll HVAC, S.L.U., that the collaboration between the two dated back more than two decades and began with the distribution of air-conditioning systems, that Midea Frigicoll HVAC Spain would have a specialised team of more than 100 staff and that Midea HVAC France would build on Frigicoll's existing operations. The report gave no shareholding split. Its photo caption identified Juan Rigol and Anna Rigol as managing directors of Frigicoll and, for Midea, Louis Zhao, described as a Midea Group vice-president and president of the Smart Home Business Group and of Midea Residential Air Conditioning, and Peter Guan, described as a Midea Group vice-president and president of Midea Building Technologies; these names are reproduced as printed and are not matched here to Midea's officer lists. ^{4 2 5 6 3}

analysisThe Spanish company began as a Frigicoll subsidiary. Spain's Official Gazette of the Commercial Registry records the incorporation of MIDEA FRIGICOLL HVAC S.L. in the Barcelona Commercial Registry on 12 December 2024 (sheet B-625961), with operations starting on 22 November 2024, share capital of EUR 3,000, a registered office in Sant Just Desvern and a purpose covering the manufacture, sale, installation and servicing of refrigeration and heating products and household appliances; Frigicoll S.A. was its sole shareholder and sole administrator, represented by Juan Rigol Coll. According to BORME entries summarised by a commercial company-data service, the company changed its name to FRIGICOLL HVAC SL (registered on 20 January 2025) and raised its capital by EUR 18,018,552 to EUR 18,021,552 (registered on 23 January 2025); the gazette texts of these two entries are not in the record, but official entries of September and November 2025 carry the name FRIGICOLL HVAC S.L., consistent with that change. An entry registered on 30 September 2025 (BORME-A-2025-191-08) records a capital increase of EUR 18,757,126 to EUR 36,778,678 and the loss of the single-shareholder status that Frigicoll S.A. had held since incorporation. The entry does not name the new shareholder; Midea's 2025 annual report states that the group acquired Frigicoll HVAC, S.L. and obtained control of it in 2025. ^{7 8 9 5 3}

analysisAn entry registered on 8 November 2025 (BORME-A-2025-219-08) removed Frigicoll S.A. as sole administrator and appointed a board chaired by Zhou Zhu, with Juan Rigol Coll, Anna Rigol Coll, Juan Bautista Alvarez Lopez, Min He, Gang Peng and Xiaolan Sha as directors and Juan Rigol Coll as secretary, together with restated articles and a new corporate purpose covering heating, ventilation and air-conditioning systems and the holding and management of securities. The gazette lists names without identifiers, and a company-data service lists no other current or past Spanish company posts for Zhou Zhu, Min He, Gang Peng or Xiaolan Sha. An entry registered on 6 May 2026 (BORME-A-2026-91-08) removed Xiaolan Sha as director and Juan Rigol Coll as secretary, while he remained a director, appointed Ke Wang as director and Eduardo Bagaria Mateos as non-director secretary, and named PricewaterhouseCoopers Auditores SL auditor of the individual and consolidated accounts. Under an entry registered on 1 July 2026 (BORME-A-2026-129-08), Javier Hernandez Hernandez replaced Eduardo Bagaria Mateos as non-director secretary and the company took the name MIDEA FRIGICOLL HVAC S.L. A company-data profile retrieved in October 2026 lists it with tax number (NIF) B75525535, share capital of EUR 36,778,678 and shares not listed on a stock exchange; the incorporation, capital and name changes themselves are taken from the gazette entries. ^{9 6 10 3 11}

analysisFor Frigicoll S.A. itself, BORME entries summarised by a commercial company-data service record that on 5 June 2019 two companies were appointed its corporate directors, one of them also as secretary and joint managing director, with Anna Rigol Coll and Juan Rigol Coll registered as their natural-person representatives, and that an entry of 10 August 2023 lists the same two corporate directors and Juan Bautista Alvarez Lopez as directors. The official texts were not retrieved, and the record shows neither the current full board nor the shareholders of Frigicoll S.A.; the two corporate directors have no documented connection to Midea beyond these seats. An entry registered on 11 November 2025 (BORME-A-2025-220-08) records the appointment of PricewaterhouseCoopers Auditores SL as auditor of Frigicoll S.A.'s accounts. ^{12 13}

analysisIn July 2025 Midea set up a joint venture with Shaker in Saudi Arabia, which its 2025 annual results announcement and annual report present as a response to Saudi Arabia's local investment, local manufacturing and sustainable development strategies, offering efficient and low-carbon HVAC solutions to the local market. The annual report states that Midea's wholly-owned subsidiary Midea Electrics Netherlands B.V. and HUSSEIN & AL-HASSAN G.SHAKER BROS. FOR MODERN TRA established Midea Shaker Company, holding 61% and 39% respectively. The same report lists Midea Electrics Netherlands as founder, during 2025, of Midea Electrics Arabia Ltd., Midea Panama Electric S.A., WELLING AutoParts Morocco, MIDEA NIGERIA APPLIANCES LIMITED. and Midea Kenya Electric Limited, each held 100%, and of Midea Kazakhstan Appliances LLP, held 99% with the remaining 1% held by Midea Electric Trading (Singapore) Co. Pte. Ltd. ^{1 2}

analysisAB Electrolux announced on 23 April 2026 that Electrolux Group and Midea Group had agreed a long-term North American partnership in three joint ventures: a sales venture for food-preservation (refrigeration) products held 50 percent by each company; a manufacturing venture for the food-preservation factory in Juarez, Mexico, in which Midea Group will buy 65 percent of the legal entities holding the operating assets and Electrolux Group will keep 35 percent; and a venture that will own and operate the Anderson, South Carolina factory, to be repurposed for fabric care (laundry), held 55 percent by Electrolux Group and 45 percent by Midea Group. The agreements run for an initial 15 years and extend automatically by consecutive 10-year periods unless either party terminates three years in advance, and build on a sourcing-supplier relationship of more than 20 years. The release states that the Committee on Foreign Investment in the United States (CFIUS) had approved the transactions and that, subject to regulatory approvals outside the United States and other customary closing conditions, the ventures were expected to begin operating in the third quarter of 2026. That timing is as stated in April 2026; the record contains no later confirmation that the ventures closed or began operating. ¹

analysisMidea's 2025 annual report names Carrier Midea North America LLC, Concepcion Midea Inc. and TWENTYTHREEC LLC among the group's main investments in associates and joint ventures, alongside Guangdong Shunde Rural Commercial Bank Co., Ltd. and four further companies in mainland China and Hong Kong. The note does not say which of these companies are associates and which are joint ventures, and gives no ownership percentages. ²

analysisMidea America Corp.'s U.S. privacy policy (last modified 2 June 2025) describes the company as incorporated in the United States with its registered address at 300 Kimball Drive, Parsippany, New Jersey, and Midea Group's 2025 annual report lists Midea America Corp. as a subsidiary established in the United States, subject to the 21% U.S. statutory income-tax rate. The same privacy policy states that the company shares consumers' personal information, as 'share' is defined in the California Consumer Privacy Act (CCPA), for cross-context behavioural advertising, and sells it, as 'sell' is defined there, in the context of third-party product or service offerings, with an opt-out link on the homepage. These are the company's own disclosures using the CCPA definitions, not a finding by any authority. ^{1 2}

analysisMidea America Corp. is the client in a registration under the Lobbying Disclosure Act of 1995 filed by the law firm ArentFox Schiff LLP of Washington, DC, effective 28 January 2025 and signed on 18 March 2025, which describes the client as providing distribution and engineering support for appliance manufacturers. The registration lists four lobbyists, three of whom disclose earlier covered legislative or executive-branch positions, names trade as the general issue area and gives as the specific issue 'US trade policies, including imposition of tariffs, impacting the importation of household appliances'. It lists two foreign entities, each shown with 100 percent ownership of the client and no contribution to the lobbying: Midea Group Co., Ltd. and an entity spelled 'GD Media Holding Co., Ltd.', both at No. 6 Midea Avenue, Beijiao Town, Shunde, Foshan. That spelling is reproduced as filed and no other record in the case identifies an entity of that name; the form does not say whether either ownership is direct or indirect. The U.S. Lobbying Disclosure Act database lists the registration among 2025 registrations with a foreign entity in China. A registration discloses who lobbies for whom and on which issues, not what contacts took place or their outcome, and the record contains no quarterly activity report for this client and so no amounts. ^{3 4}

analysisMidea America named different corporate parents in three disclosure statements filed in U.S. federal courts in 2025. On 12 May 2025, in the trade-secrets action brought by Haier US Appliance Solutions, Inc. in the District of New Jersey (No. 2:25-cv-03189), it identified Midea Electrics Netherlands B.V. On 14 August 2025, in an action by individual plaintiffs in the Southern District of New York (No. 7:25-cv-04850), its Rule 7.1 statement identified Midea Group Co., Ltd.; the court clerk had flagged an earlier statement of 1 August 2025 as deficient for missing the diversity-jurisdiction information required about each entity attributed to the party. On 12 December 2025, in Whirlpool Corporation's patent action against Midea Group Co., Ltd. and Midea America Corp. in the District of New Jersey (No. 2:25-cv-17663), it identified Midea International Corporation Company Limited. The docket entries do not say whether the named company is the direct or the ultimate parent, the record does not reconcile the three statements, and no change of ownership is inferred from them. ^{5 6 7}

analysisMidea Group's 2025 annual report lists Springer Carrier Ltda. as a subsidiary established in Brazil, subject to Brazil's 34% statutory income-tax rate, and the 2020 annual report also describes it as the company's subsidiary in Brazil. A Brazilian media report of 3 June 2026, republished on a law firm's website, stated that the Second Panel of Brazil's Superior Court of Justice (STJ) had unanimously left in place a ruling of the Federal Regional Court of the 4th Region (TRF-4) upholding an assessment of IPI, the tax on industrialized products, against Springer Carrier for 2004 to 2008. According to the report, the dispute was whether the condenser and evaporator units of split air-conditioning systems should be taxed separately as parts or as machines for producing cold, as the company argued, or as complete air conditioners, as the Federal Revenue Service and the National Treasury's attorneys (PGFN) argued; the STJ did not examine the merits because that would have required re-assessing evidence, and the TRF-4 ruling had reversed a first-instance judgment in the company's favour. The judgment text and the amount in dispute are not in the record. Midea Carrier, which the report described as the joint venture responsible for the Carrier, Midea, Springer and Toshiba companies in Brazil's air-conditioning segment, told the publication that it would await publication of the judgment to analyse its grounds and then assess the appropriate procedural measures. ^{1 2 3}

analysisTwo ransomware leak-site claims name 'Midea Carrier', and neither has been verified. A ransomware-tracking site lists 'Midea Carrier' as a victim claimed by the Conti group, with the claim discovered and the attack estimated on 1 April 2022; the listing does not identify which Midea Carrier entity or country is meant or what data were involved. A data-breach monitoring site states that on 4 December 2023 'Midea Carrier', which it describes as a Brazilian air-conditioning manufacturer, appeared on the leak site of the Akira group, whose posting claimed that internal files had been exfiltrated and that 40 GB of data, including international contracts, agreements, legal documents and HR files, would be released; the posting describes Midea Carrier as a joint venture formed by Midea and Carrier in 2011 to produce and distribute products in Brazil, Argentina and Chile. The site says it is quoting the group's own claim. The record contains no confirmation of an intrusion or a data release and no statement from the company on either listing. ^{4 5}

analysisCompanies House data for Midea Home Appliances UK Ltd, retrieved through a registry data service on 2 October 2026, record company number 11309511, incorporation on 13 April 2018, active status, a registered office at 5 New Street Square, London, and last accounts (full) made up to 31 December 2024. The latest confirmation statement was made up to 12 April 2025; the next was due by 26 April 2026 and is flagged as overdue, which records a late annual filing, not a penalty or a finding, and the record does not show whether it was filed later. The privacy notice on Midea's UK website (last modified July 2021) names Midea Home Appliances UK Ltd., at an address in Salford, Manchester, as the controller responsible for processing personal data. The match between the registered company and the controller rests on the identical company name, and the notice does not state who owns the company. ^{1 2}