Chinese appliance maker Midea has committed to a hands-off approach in acquiring German robotics maker Kuka, as it seeks to assuage concerns that valuable portions of the German industrial chain are falling into Chinese hands.
Midea will maintain the independence of the board and refrain from restructuring or seeking to delist Kuka for the next seven and a half years under an investor agreement between the two sides, it said in a statement to the Shenzhen stock exchange on Wednesday. The Chinese company also said it would preserve existing factories and jobs.
uka makes robots used by German automakers Audi and BMW, which has prompted political concerns that technology key to the German country’s “fourth industrial revolution” will end up in China.