Midea took over Teka group with the brands Küppersbusch and Teka recently. They already closed the german sales office. Question is: Will Midea keep the european production sites of Teka or will they successively change to other (chinese?) manufacturing and only keep the brands?

Resolution criteria

This market will resolve to "Yes" if Midea Group, or Teka Group under Midea's ownership, publicly announces or is credibly reported to have ceased the manufacturing of sinks at any of Teka's production sites in Spain. This includes any official statements, press releases, or confirmed reports from reputable financial news outlets or industry publications.

The market will resolve to "No" if no such announcement or credible report confirming the closure of a Teka sink production site in Spain is made by the resolution date.

For resolution purposes, a "closure" will be defined as the cessation of all sink manufacturing operations at a specific Teka production site in Spain. Partial reductions in capacity or relocation of only certain production lines will not constitute a "Yes" resolution unless the entire sink manufacturing operation at a Spanish site is halted.

Background

Midea Group, a Chinese technology company, completed the acquisition of Teka Group in April/May 2025, with the transaction initially disclosed in June 2024 and approved by the European Commission in March 2025. Teka Group, a multinational company founded in Germany, specializes in the design and manufacture of household appliances, with a strong focus on stainless-steel sinks, built-in kitchen appliances, and bath solutions.

Teka operates 10 to 11 factories across Europe, Asia, and the Americas. In Spain, Teka has manufacturing plants in Zaragoza and Santander, which, as of 2020, conduct their entire manufacturing process using 100% renewable energy. Statements from Midea and Teka regarding the acquisition have emphasized strengthening Teka's competitive position, enhancing operations, expanding product lines, and fostering industrial and R&D capabilities, leveraging Midea's global operations and Teka's brand heritage.