Tuesday, 19th November 2019, Stara Pazova, Serbia
Gorenje TIKI sold to NIBE Industrier AB
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.