According to Reuters, Panasonic are set to buy up a 13% stake, valued at approximately 10 million euros, in Slovenian appliance manufacturer Gorenje.
The business deal is viewed by various sources as Panasonic moving further away from consumer electronics and further into the white goods sector for reasons of profitability. It will see Panasonic and Gorenje join forces in research and development for washing machines, refrigerators and built-in ovens. Additionally the sales and marketing in this area will also be a joint venture.
For those wondering if there are imminent increases to the stake, Gorenje said in a statement that Panasonic cannot increase their stake in Gorenje for five years unless there is written approval from Gorenje’s management and supervisory board.
Gorenje have announced its expectation that the partnership with Panasonic will increase its annual sales by 80 million euros per year by 2018 from sales of 1.26 billion euros in 2012. This is in comparison to a Q1 2013 group net loss of 4.2 million euros.
Laurent Abadie, head of Panasonic Europe commented: “By combining our complementary product and manufacturing technologies, sales channels and marketing expertise, we look forward to bringing advanced, smart and ecologically responsible appliances to consumers across Europe, including Russia, in the coming years.”