Business News

Gorenje Tiki sold to Sweden's Nibe Industrier

Velenje/Stara Pazova, 19 November (STA) - The Velenje-based household appliances maker Gorenje has sold its Serbian subsidiary Gorenje Tiki, which produces small water heaters, to Swedish company Nibe Industrier, a leading European player in the field of heating technology solutions.

Gorenje has not disclosed the value of the deal, which was agreed on Tuesday and is still subject to anti-trust approval.

The sale of Stara Pazova-based Gorenje Tiki, which mostly manufactures water heaters and heat pumps, is part of Gorenje's non-core businesses divestment strategy.

Last December, Gorenje sold the Maribor-based waste processing company Gorenje Surovina and its subsidiaries to Eko Surovina, a fellow waste-processing company owned by businessman Izet Rastoder.

Gorenje Tiki, which was established as part of the Gorenje group in 1951 and employed 30 people in Slovenia and 520 in Serbia earlier this year, had annual sales revenue of around EUR 35 million and has a strong market position in Eastern Europe, Gorenje said.

The new owners are also upbeat about the stronger presence in Eastern Europe. Nibe CEO Gerteric Lindquist said Tiki would "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".

Nibe plans to keep the leadership of Tiki intact and Gorenje "remains an OEM customer while NIBE obtains the TIKI brand".

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