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GORENJE, d.d., Velenje

Gorenje signs an agreement with the Serbian government to extend the Valjevo plant

The Serbian government supports newly created jobs with EUR 10,000 per employee

Pursuant to relevant legislation, the company Gorenje, d.d., Velenje, Slovenia, hereby informs the shareholders and the public of the following:

Velenje, Valjevo / Serbia, April 26th 2012 – Gorenje and the Serbian government signed today an agreement on the extension of the refrigeration appliance plant in Valjevo. For extending the existing factory in Valjevo and creating 400 additional jobs by the end of 2015, Serbian government will provide Gorenje with a grant of EUR 10,000 per employee and commit to build the required infrastructure. Furthermore, the Municipality of Valjevo will grant a waiver to Gorenje for all contributions payable to the local community. The investment is valued at approximately EUR 20 million. The extension of production capacity in Valjevo is a part of Gorenje's activities to optimize the manufacturing operations, which should contribute towards the attainment of the goals laid down in the 2012-2015 strategic plan. Gorenje's decision to extend the manufacturing operations in Valjevo, however, will not affect the level of employment at Gorenje's factories in Slovenia. This was confirmed by the Management Board by signing an agreement with the representative trade unions on maintaining the level of employment in Slovenia during the manufacturing operations optimization process in the period 2012-2015.   

The agreement with the trade unions was signed on April 19th 2012. Gorenje thereby committed to provide new programs and products with higher value added in the Slovenian part of its manufacturing operations, thus maintaining jobs in Slovenia.

Gorenje has manufactured cold appliances in Valjevo since 2006. These are mostly low-end appliances of which 85 percent are exported. There are approximately 450 employees at the factory today. Pursuant to the agreement signed today, Gorenje committed to complete the construction of new facilities no later than in 16 months.

Mr. Branko Apat, Management Board member in charge of major appliances and heating systems operations, commented upon signing the agreement: "The network of factories in different countries allows us to manufacture appliances of all price segments and thus to be compete in all segments of the offer of home appliances. Thus, we continue to optimize our manufacturing operations in this strategic period, aiming at improvement of our competitiveness in the industry and higher profitability."

With the agreement signed today, the Serbian government committed to co-finance the employment of 100 additional persons in Stara Pazova and to build the required infrastructure there.

Disclaimer: The English text for all announcements is for information purposes only!

The information in this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, www.gorenje.com, for at least 5 years from the date of this announcement.

Management Board of Gorenje, d.d.
Date: 26.04.2012