Midea vice president denies appliance maker has held discussions to buy Toshiba’s semiconductor unit

Midea, China’s largest home appliance maker, has flatly denied reports suggesting a planned investment in Toshiba’s semiconductor unit – but officials stressed it would give priority to fine-tuning its own operating and management system following several high-profile overseas acquisitions.

Andy Gu, Midea’s vice president, said told a press briefing on Wednesday that Midea would chase fast growth in industry automation and robotic sectors amid a lacklustre home appliance market.

“We did not participate in any discussion about a deal to buy Toshiba’s semiconductor unit,” he said. “Our focus is to set up an effective cross-market, cross-culture system to streamline our management and improve performance.”

State-owned National Business Daily reported on Wednesday that Midea was interested in buying Toshiba’s semiconductor unit.

Guangdong-based Midea spent US$5 billion buying German robot maker Kuka late last year after paying US$474 million on an 80.1 per cent stake in Toshiba’s home appliance uint.