Zee Media Bureau
New Delhi/Tokyo: Japanese consumer electronics firm Panasonic Corp will buy up to 13 percent stake in Slovenian household appliance maker Gorenje, a news wire has reported.
Panasonic will pay 10 million euros (USD 12.9 million) for the minority stake in Gorenje. The deal will also cover research and shared product platforms across the two brands.
The companies will engage in joint research and development for washing machines, refrigerators and built-in ovens and cooperate in sales and marketing throughout Europe.
Gorenje, Slovenia's largest household appliances producer and a leading player in Eastern Europe, has suffered from the global crisis with net profit falling to 300,000 euros in 2012.
With Agency Inputs
First Published: Saturday, July 6, 2013, 09:28