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Hangzhou ROBAM Appliances Co., Ltd.（老板电器）has approved a proposal to acquire a controlling stake in thermometer business iTronics Holding Limited alongside its controlling shareholder. The planned USD 175.04 million purchase of 60% of iTronics would give the Chinese kitchen-appliance maker access to an established overseas business. The board approved the proposal on September 18, 2026; shareholder approval and relevant overseas-investment clearances remain outstanding.
Robam
The acquisition would proceed through a jointly owned platform. Robam plans to transfer 49% of Hainan Laoban Smart Technology to its controlling shareholder, Hangzhou Laoban Industrial Group, for zero consideration, with the latter assuming the corresponding unpaid capital obligations. Robam would retain 51%. Hainan’s wholly owned Hong Kong subsidiary would then acquire the iTronics stake from Itronics Plus Limited. Robam would consolidate the target upon completion, while its indirect economic interest through this structure would be 30.6%.
Incorporated in the British Virgin Islands, iTronics develops and sells household temperature and humidity measurement products, including cooking thermometers, primarily for North America and Europe. According to the transaction disclosures, its distribution combines online platforms such as Amazon with retail relationships including Walmart and Home Depot. The acquisition would extend Robam’s kitchen product range and provide an existing base for overseas sales and operations.
Audited figures show that iTronics generated revenue of USD 130.26 million in 2025, up from USD 126.43 million in 2024. Net profit declined to USD 34.02 million from USD 35.73 million. The purchase price implies a total equity valuation of approximately USD 291.73 million. Separately, an income-based appraisal valued its equity at CNY 2.32 billion, 1,446.96% above book value; that appraisal uplift should not be confused with the premium paid in the transaction.
The founder and seller have committed to audited attributable net profit excluding non-recurring items totaling USD 121.56 million for 2027–2029. Cash compensation provisions apply, with a 90% threshold for the first two years and a final assessment against the full cumulative commitment. The seller’s remaining 40% stake would secure its compensation obligations.
For Robam, the strategic opportunity is to combine kitchen-appliance expertise with an established overseas operating business. Existing retail relationships may support expansion, but they do not guarantee shelf space for additional products or control over retailers’ pricing and customer data. The commercial test will be whether Robam can retain the target’s capabilities and expand sales profitably after completion. Neither the acquisition structure nor overseas retail access alone removes exposure to tariffs or changing market conditions.
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