Wednesday, 28th July 2010, Rome/Italy, Velenje/Slovenia

Gorenje acquiring Swedish top-level white goods producer

Yesterday, 27 July 2010, Gorenje concluded a contract on the acquisition of a 100 percent ownership stake in Sweden based company Asko Appliances Group. The acquisition of the top-level Swedish provider of household appliances is a strategic match. Several important synergies are achieved for both companies with the possibility of a faster growth. Gorenje is thereby realising its strategy as a fast growing pan-European player.

Asko is a Sweden based company with manufacturing and sales of large household appliances for mainly the upper market segments. Its own production comprises dishwashers, washing machines and tumble dryers in Vara, Sweden, and cookers, ovens and cold irons in Lahti, Finland. Brands are Asko, positioned in the high-end segment, and Upo in the mid-end. The Asko brand also comprises a niche range of professional products for the semi commercial market, which is a growing business area with high potentials.

For Gorenje, acquiring Asko, formerly owned by Antonio Merloni Group, Italy, is another important step in order to cover the markets of Nordic countries, North America and Australia, which are its main markets. Gorenje gains another prestigious brand for the group, which will contribute with supplementary production within laundry and dishwashers.

The acquisition will not have an effect on Gorenje's production employees in Slovenia as the Asko’s production covers the complementary wet segment which is not produced in Velenje.

Gorenje Management Board will present the details of acquisition, acquired company Asko and expected synergies to the public at press conference on 17 August 2010.

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