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GORENJE, d.o.o.

Gorenje TIKI sold to NIBE Industrier AB

Pursuant to the provisions of the Rules and Regulations of the Ljubljana Stock Exchange (Ljubljanska borza, d. d.), and the relevant legislation, the company Gorenje, d. o. o., Velenje, hereby makes the following announcement:

Pursuing its strategy of focusing on the core activity of manufacturing and marketing domestic appliances, the Gorenje Group continues to divest its non-core businesses. Today we concluded an agreement on the sale of 100% shares of the company Gorenje TIKI, d. o. o., to NIBE Industrier AB, one of the key players in European electric water heater manufacturing market.

Gorenje TIKI was founded in 1951 and has since been part of the Gorenje Group, generating annual sales of approximately EUR 35 million and a strong market position in Eastern Europe. Most sales are generated by the product groups of water heaters and heat pumps.

“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,” says Gerteric Lindquist, CEO of NIBE. The entire management team will remain in place and Gorenje remains an OEM customer while NIBE obtains the TIKI brand.

"Gorenje TIKI is in excellent form today," says its General Manager Branko Apat, and adds , "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 utilize 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."
Before completion the transaction requires the customary approval of the competition authority concerned.

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. o. o., Velenje, Slovenia, www.gorenjegroup.com, for at least 5 years from the date of this announcement.

Management of Gorenje, d. o. o.
Date: 19.11.2019