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Gorenje agrees to sell Serbian unit to Swedish water heater firm Nibe

Gorenje agrees to sell Serbian unit to Swedish water heater firm Nibe Source:

LJUBLJANA (Slovenia), November 20 (SeeNews) – Slovenian household appliances manufacturer Gorenje [LJSE:GV02] said Wednesday it has agreed to sell its Serbian-based unit Gorenje Tiki to Swedish water heater maker Nibe Industrier for an undisclosed sum. 

The divestment is in line with the manufacturer's strategy of focusing on its core business of manufacturing and marketing domestic appliances, it said in a statement with the Ljubljana stock exchange. 

Under the terms of the deal, the current management team of the Stara Pazova-based company will remain in place and the Tiki brand will be retained by the Swedish firm. 

With the acquisition, Nibe is solidifying its market position in Europe and gaining access to additional production capacity in Serbia, chief executive Gerteric Lindquist noted. 

The takeover is subject to regulatory approvals.

Gorenje Tiki was founded in 1951. It specialises in the manufacture and marketing of water heaters and heat pumps, achieving annual sales of around 35 million euro ($38.69 million).

In October 2018, Hisense Luxembourg Home Appliance Holding, a member of China's Hisense Group, acquired 998,417 Gorenje shares and now holds a 95.42% stake in the Slovenian household appliances manufacturer.

($ = 0.9045 euro)