Panasonic acquires 13-percent stake in Gorenje

Gorenje's shareholders confirmed at a meeting on August 23rd that Panasonic would pay EUR 9.6 million in a recapitalization process, that is, EUR 4.31 per share, and acquire up to 13 percent of shares in Gorenje in that way.

As it was agreed, Panasonic's stake is not going to grow bigger, and Gorenje expects up to 80 million euros in additional annual revenue by 2018, the web portal SEEbiz has reported.

If the recapitalization process goes as planned, Gorenje's principal will almost double, soaring from 66 to 129 million euros.

It is expected that Gorenje and Panasonic will first together develop a new generation of washing machines for the EU market and then cooling appliances under the Panasonic brand for Russia and other ex-Soviet markets.

There is also an option of joint distribution of kitchen appliances of both companies.