Midea makes 'smart' move with KUKA

White goods maker takes bigger stake in German tech firm

A larger shareholding in KUKA AG, a leading global supplier of intelligent automation solutions, will help facilitate the "smart" strategy of Midea Group, one of China's leading industrial groups in consumer appliances, heating, ventilation and air-conditioning systems, according to a top executive of the Chinese company.

Midea, based in Guangdong province, an economic powerhouse in southern China, announced on Wednesday it had prepared to expand its shareholding in KUKA in a deal that values the German company at 4.6 billion euros ($5.2 billion).