Hisense will acquire no less than 50% of Gorenje


The search for strategic partner for Gorenje arrives to a conclusion, with the choice of Hisense as best bidder. The decision was based on strategic elements that formed the foundation for the start of the process of searching for a strategic partnership, on feasibility of the transaction, and on the price offered to the shareholders. Hisense offered 12 euro per share subject to condition that they acquire no less than 50% + one company share in the takeover process. The selected bidder committed to announce a takeover intent no later than in 15 days, and to announce its takeover bid to all shareholders within the mandatory deadline. Thus, the process of examining the opportunities for strategic partnerships was completed.
In the first three months of this year, Gorenje Group generated revenue of 296 million euro and profit of 2.5 million euro. Over 83 percent of the total revenue derives from the company core business: Domestic Appliances. Gorenje increased its revenue from sales of domestic appliances under its brands by 4 percent. Sales revenue in the first three months of this year accounts for good 22 percent of Gorenje Group’s total revenue budgeted for the year, which is 2 percent ahead of the dynamic plan for the period, and just under 1 percent short of comparable revenue generated in the corresponding period last year.
Sales revenue in the activity of Domestic Appliances reached 247 million euro, which is comparable to last year’s first quarter. The highest revenue growth was generated in the markets of Eastern Europe and outside Europe, especially in Israel, Brazil, and Chile.
In Western Europe, sales grew in Austria, Denmark, and France, while they decreased in the Netherlands, Germany, and Great Britain, especially due to repositioning in terms of pricing, change in the structure of sales channels, and restriction of sales of underperforming products.