Hangzhou Robam Appliances (老板电器) and its controlling shareholder plan to contribute up to CNY 1.3 billion to fund the proposed acquisition of 60% of iTronics Holding Limited, expanding the kitchen-appliance maker’s access to North American and European sales channels. Robam’s board approved the funding proposal on October 9; shareholder approval and completion remain pending.
Under the proposed structure, Robam would retain 51% of Hainan Robam Intelligent Technology, while Hangzhou Robam Industrial Group (老板集团) would acquire the remaining 49% for no consideration and assume the corresponding unpaid capital obligations. The companies would then fund the acquisition in those proportions. At the CNY 1.3 billion budget ceiling, their contributions would be approximately CNY 663 million and CNY 637 million respectively, subject to adjustments for exchange rates and payment costs.
The acquisition would be conducted through the Hainan company’s Hong Kong subsidiary. The agreed consideration for the 60% iTronics stake is US$175.04 million; the renminbi funding budget also covers related taxes and fees. The acquisition, Hainan equity transfer and joint investment proposals are scheduled for shareholder consideration on October 26.
iTronics designs and sells household temperature and humidity instruments, including cooking thermometers, primarily in North America and Europe. Its business combines online platforms with physical retail channels. Robam’s acquisition announcement identifies Walmart and Home Depot among its existing customers, with Canadian Tire and Home Hardware added in 2025.
The target reported audited revenue of US$130.26 million and net profit of US$34.02 million in 2025. An income-based appraisal valued its total equity at CNY 2.32 billion, compared with book net assets of approximately CNY 150 million. That appraisal is separate from the negotiated acquisition price.
Robam describes the deal as a way to broaden its cooking-related product portfolio and accelerate overseas expansion. Buying an established operator could provide local marketing, logistics and service capabilities that take time to develop independently. The commercial test is whether those capabilities can support additional Robam products: selling thermometers through an existing account does not automatically secure distribution for larger kitchen appliances. The proposed transaction offers a route to established overseas operations, with integration and product expansion still ahead.
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