After the conclusion of a competitive sales process, our shareholder HERITAGE B has reached an agreement to divest Teka Group to Midea Group, including all operations related to appliances and sinks and the group’s three brands: Teka, Küppersbusch and Intra.   Becoming part of Midea Group will increase our capabilities in different strategic and operational areas, enhancing our competitiveness in an increasingly complex and dynamic market. This transaction will undoubtedly enable us to strengthen our competitive position, opening a new era for Teka Group whilst safeguarding our legacy with over 100 years of history.   Founded in 1968, Midea is a listed technology group with more than 190,000 employees worldwide. Headquartered in Foshan, Guangdong province (China), the Asian group closed 2023 with a turnover of 48 billion euros. Midea’s business activities include household appliances, air conditioning products, services and components for industry, robotics and automation.   The deal is subject to the required approvals by relevant regulators. The closing of the transaction is expected in the coming months.   Teka Group closed 2023 with c.€600m of gross sales and an adjusted EBITDA margin of 7%, a particularly positive and resilient profit performance despite post-Covid market adjustments, and supply chain issues, amongst others