(Yicai Global) Sept. 6 -- Midea Group Co. [SHE:000333] is unlikely to make any more big acquisitions over the next two years after several large purchases over the last year, Securities Times quoted Jiang Peng, board secretary, as saying today.
The Chinese appliance maker acquired a number of well-known companies, including Japan-based Toshiba Lifestyle Products & Services Corp., Germany's Kuka AG and Italian Clivet over the past year or so.
Under Midea's control, first-half revenue from Kuka's robotics division grew by more than 30 percent annually to hit a record high this year.
Midea plans to focus on working on the companies its already bought to push growth and develop its ability to cover the entire value chain, Jiang said, adding that he does not rule out smaller acquisitions.
The firm announced plans to buy the Toshiba unit in March last year and set up a Toshiba division after the takeover. Teams from both firms focusing on technology, branding and the industrial chain have integrated well.
The pair worked together on dozens of projects in the first half of this year, with Midea offering full support to help the latter rebuild its brand image, Jiang added. He hopes to restore profitability to the subsidiary in one to two years.
Toshiba Lifestyle Products & Services lost CNY92 million (USD13.9 million) in the first half on revenue of CNY7.53 billion, showing continued operational improvements, according to Midea's interim report, released last month.