Midea acquires majority stake in Servotronix Motion for $170M valuation

Midea, a Chinese robotics and electronics company, acquired a majority stake (over 50%) in Israel's Servotronix Motion, an automation solutions developer, at a $170 million valuation. The deal includes a $50 million payment for a 30% stake from Ruth Wertheimer and half of the remaining shares from other owners.

“This alliance will provide Servotronix with significant leverage for our global operations and put Servotronix in a leadership position in the field of robotics, control and automation, with China being a major market in this field.”jewishbusinessnews.com

• 4 sources
• jewishbusinessnews.comRuth Wertheimer, daughter of Stef Wertheimer, sold Servotronix to Chinese Company Midea at $170 Million ValuationShai GenishFeb 12, 2017
• companies.caixin.com美的收购以色列工控公司 加码布局机器人产业Feb 13, 2017
• drivesncontrols.comMidea takes control of Israeli motion firm, Servotronix - Drives&ControlsdrivesFeb 14, 2017
• en.xfafinance.comChina's home appliance giant Midea eyeing ＂smart factory＂ market_Xinhua Finance AgencyMar 10, 2017

Summarized from public sources; check the original articles before acting on it.