Ruth Wertheimer, the daughter of industrialist Stef Wertheimer, who sold his flagship company Iscar to Warren Buffett, has made her own exit.
Iscar, a maker of cutting tools bought by Buffett in a two-stage deal in 2006 and 2013 for some $6 billion, which made them one of Israel’s wealthiest families.
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On Friday Ruth Wertheimer has sold control of Israel’s Servotronix Motion, an automation solutions developer, at a $170 million valuation to a Chinese robotics and electronics giant Midea.
Founded by CEO Dr. Ilan Cohen in 1987, Servotronix develops automation solutions focused on motion control for a diverse range of industries including robotics, printing, textiles, medical equipment, renewable energy, CNC and machine tools, food and beverages, and electronics.
Servotronix operates worldwide and has subsidiaries in Germany and China.
Midea is listed on the Shenzen stock exchange, has a company value of $30 billion is focuses on household goods, air-conditioning, robotics and automation.
Servotronix reports that its development center in Petah Tikva with 200 employees, will continue to operate after the acquisition, while deepening its strategic cooperation with Midea.
Under the terms of the deal,Midea will pay $50 million for all of the 30% stake in closely held Servotronix controlled by Ruth Wertheimer. The Chinese buyers will also take half of the remaining shares, which are owned by the founder, executives and employees.
Dr. Ilan Cohen said: “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. We are proud that Midea has recognized our success, and we are confident that this strategic alliance will benefit the company, our customers and our employees. Servotronix will continue its operations with even more enthusiasm and strength.”
Midea chairman and CEO Paul Fang said, “This strategic alliance represents another milestone of Midea’s expansion in industrial automation and intelligent manufacturing. We believe that Servotronix’ technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development. By leveraging each other’s complementary capabilities and resources, the two companies will join forces to develop exciting new products and explore growth opportunities going forward.”