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Gorenje looking for a strategic partner – Investors from Asia interested?
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(Gorenje Valjevo) The management of Gorenje has started looking for a strategic partner. Rothschild Italia, a member of the international investment bank Rothschild & Co, has been selected as the financial consultant.
It is known that Gorenje announced on November 9 that, due to a failure to achieve some of the crucial goals, the group would start looking for a strategic partner, a potential investor which would become a new co-owner of the company and help Gorenje achieve long-term growth and development.
Considering that the household appliances industry has been undergoing a consolidation process in the west for some time now, a strategic owner from Asia, which might be interested in Gorenje for the possibility of penetrating the European market, has been mentioned as a potential buyer. The annual turnover of the household appliances market is around USD 250 billion, and the number will grow to USD 340 billion by 2020.
A month ago, Gorenje confirmed that it had agreed to stop cooperating with Panasonic, within which it had been developing and selling washing machines and refrigerators in the European market in the previous years under the brand of the Japanese corporation. The cooperation made up only 1.5% of Gorenje’s total income, the concern said. Aside from the managerial team of Gorenje, the state is one of the biggest shareholders in the company, through the Capital Fund KAD.
Let us remind that Gorenje employs 11,000 people and that it has factories in Slovenia, Serbia and the Czech Republic. In Serbia, the company employs 2,300 workers and has production facilities in Valjevo, Zajecar and Stara Pazova and a tool plant in Kragujevac.
It is known that Gorenje announced on November 9 that, due to a failure to achieve some of the crucial goals, the group would start looking for a strategic partner, a potential investor which would become a new co-owner of the company and help Gorenje achieve long-term growth and development.
Considering that the household appliances industry has been undergoing a consolidation process in the west for some time now, a strategic owner from Asia, which might be interested in Gorenje for the possibility of penetrating the European market, has been mentioned as a potential buyer. The annual turnover of the household appliances market is around USD 250 billion, and the number will grow to USD 340 billion by 2020.
A month ago, Gorenje confirmed that it had agreed to stop cooperating with Panasonic, within which it had been developing and selling washing machines and refrigerators in the European market in the previous years under the brand of the Japanese corporation. The cooperation made up only 1.5% of Gorenje’s total income, the concern said. Aside from the managerial team of Gorenje, the state is one of the biggest shareholders in the company, through the Capital Fund KAD.
Let us remind that Gorenje employs 11,000 people and that it has factories in Slovenia, Serbia and the Czech Republic. In Serbia, the company employs 2,300 workers and has production facilities in Valjevo, Zajecar and Stara Pazova and a tool plant in Kragujevac.
Tags:
Gorenje Velenje
Rothschild Italia Rothschild Co
Panasonic
Capital Fund KAD
strategic partner for Gorenje
ownership structure of Gorenje
household appliances industry
production of washing machines
production of refrigerators
production of freezers
production of stoves
household appliances
production of dishwashers
production of household appliances
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