Japanese electronics group Panasonic will acquire a significant though minority stake in Slovenian home appliance group Gorenje as part of a partnership deal that envisages cooperation in research and development, production and sales, the companies announced on Friday.
The companies said they were entering a long-term partnership aimed at promoting the competitive advantages and capacities in Europe.
One of the two key areas of cooperation will be research and development and a joint production platform for washing machines, refrigerators and built-in ovens.
The other area would be joint use of the sales network, marketing know-how and experience with distribution across Europe.
As part of the agreement, Panasonic will acquire EUR 10m in Gorenje stock, a move labelled by the companies as an expression of trust by Panasonic in Gorenje.
Panasonic plans to acquire 13% of Gorenje at EUR 4.31 per share, 16 cents above yesterday's closing price on the Ljubljana Stock Exchange, as part of a recapitalisation.
Source: sloveniatimes.com
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