Slovenian household appliance manufacturer Gorenje, whose main shareholder is the Chinese Hisense Group, has sold its Serbian-based unit Gorenje Tiki to Swedish water heater maker Nibe Industrier for an undisclosed sum, the company said in a statement on November 20.
The sale is in line with Gorenje’s startegy to divest from non-core businesses in order to concentrate on manufacturing and marketing domestic appliances.
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.
“Tiki will strengthen our market position as one of the largest manufacturers of water heaters in Europe and we will also gain access to production capacity in Serbia. At the same time, we will increase our market presence in new interesting markets in Eastern Europe,” said Gerteric Lindquist, CEO of Nibe.
“Gorenje Tiki is in excellent form today,” said its general manager, Branko Apat. “We are very happy to become a part of the Nibe Group, a global powerhouse in the heating technology solutions. We are confident Nibe will utilise the full potential of the Tiki company and reap synergy effects in the HVAC industry in the entire region to ensure long-term growth and development of the company.”