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7 months ago
Robot maker Kuka sells U.S. unit to get approval for deal with Chinese buyer
December 15, 2016 / 2:04 PM / 7 months ago

Robot maker Kuka sells U.S. unit to get approval for deal with Chinese buyer

2 Min Read

A robot arm of German industrial robot maker Kuka is pictured at the company's stand during the Hannover Fair in Hanover, Germany, April 25, 2016.Wolfgang Rattay

FRANKFURT (Reuters) - German industrial robot maker Kuka KU2Gn.DE has sold its Systems US-Aerospace-Business to Advanced Integration Technology to satisfy demands from U.S. regulators in connection with a takeover by a Chinese buyer, it said on Thursday.

Home appliance maker Midea (000333.SZ) launched its offer for Kuka in May, the biggest Chinese deal for a German industrial technology company.

Kuka said on Thursday its takeover by Midea needed the approval of the U.S. Committee on Foreign Investment in the United States and the Directorate of Defense Trade Controls.

"The sale of the Systems US-Aerospace-Business is a crucial prerequisite to obtain these approvals," it said.

There have been growing objections in Germany and the United States to China buying up firms with strategic technologies abroad without allowing reciprocal transactions at home. The U.S. earlier this month blocked a deal for a Chinese buyer to take over German chip equipment maker Aixtron (AIXGn.DE).

Kuka's Systems Aerospace business focuses on tooling and the automation of assembly processes such as drilling and riveting for aircraft manufacturing.

Reporting by Maria Sheahan; editing by Susan Thomas

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