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GORENJE, d.d., Velenje

Velenje, September 17th 2009 - At today's meeting, Gorenje Supervisory Board discussed the Management Board's efforts to find common ground with the employees who discontinued their work on Tuesday and carried on with their protest on Wednesday, and found the management's response fitting. During the two days when production was suspended, the Management Board was promptly informing the Supervisory Board of the state of affairs and any progress made. Through successful discussion with the partners in the social dialogue, the Management Board succeeded in negotiating the resumption of work after two days, thus preventing further business loss that would surely have affected all stakeholders.

Gorenje Supervisory Board finds Management Board activities appropriate

At today's extraordinary meeting, the Management Board informed the Supervisory Board of the most recent events at Gorenje, including both the causes that presumably resulted in the employee protest, and the Management Board's response measures with regard to the current events and prevention of any similar occurrences in the future.

The Supervisory Board feels that the cause for the outburst was the straitened circumstances in which production laborers found themselves as a result of both soaring costs of living and low labor compensation. In order to mitigate the effects of the financial crisis, Gorenje Management Board implemented end of last year a number of measures to cut costs of material, services, and labor, and at the same time adopted a commitment to save as many jobs as possible. Instead of layoffs, Gorenje opted for reduced work week and joined the government incentive plan that includes temporary furloughs, which led to somewhat lower labor compensation.

The agreement between the company Management Board, trade union, and employee representatives, resulting in resumption of production, was welcomed by the Supervisory Board members. They requested from the Management Board a plan of measures that will bring them closer to the employees in terms of resolving their financial privation, and which will protect the reputation of the Gorenje brand and its further development. It is also vital that Gorenje sustain the positive trend of performance and attain a positive result in the months to come.

Supervisory Board chairman, Mr. Jože Zagožen, expressed understanding and solidarity with the employees, and pointed to the necessity of better communication and cooperation between employees at all levels of the company organization. The Supervisory Board expects the Management Board to prepare, no later than by the following meeting, a revision for 2009 Plan and a draft 2010 Annual Plan, and to devise a way to balance the interests of all stakeholders within the company's long-term strategy.

Disclaimer: All announcements in English language are only for information purposes!

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


Gorenje, d.d.,
The Management Board


Date: 18. 9. 2009