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Panasonic to Acquire Minority Stake in Gorenje as Part of Partnership Deal

Velenje, 05 July (STA) - Japanese electronics group Panasonic will acquire a minority stake in Slovenian home appliance group Gorenje as part of a partnership deal that envisages cooperation in research and development, production and sales, the companies announced on Friday.

The companies said they were entering a long-term partnership aimed at promoting the competitive advantages and capacities in Europe.

As part of the agreement, Panasonic will acquire EUR 10m in Gorenje stock, which by current market prices equals around 15%. The purchase of the stock has been labelled by the companies as an expression of trust by Panasonic in Gorenje.

More precise details of the deal will be made public at a press conference in Ljubljana at 1 PM.

In their press release, the companies said that one of the two key areas of cooperation will be research and development and a joint production platform for washing machines, refrigerators and built-in ovens.

The other area would be joint use of the sales network, marketing know-how and experience with distribution across Europe.

Gorenje chairman Franjo Bobinac has hailed the deal as a "milestone for Gorenje and an important step in implementing the group's strategy".

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