Midea Group plans to acquire controlling stake in Toshiba Elevator China

Midea Group recently announced plans to acquire a controlling stake in Toshiba Elevator in China, aiming to expand its influence in the smart building business. The acquisition is expected to be completed by the end of 2024, when the Toshiba Elevator brand will continue to operate in the Chinese market and help Midea Group gain a foothold in the high-end elevator market. This move is seen as an important step in Midea Group's diversified development strategy.