Gorenje Group begins negotiations

03.04.2015

Gorenje Group begins negotiations on the possible divestment of majority shareholding in the company Gorenje Surovina.

Pursuant to its strategy, Gorenje Group is focusing on the core activity of home products and services.

Velenje , Grodzisk Mazowiecki/ Poland; April 3, 2015 – Gorenje, d.d., and the Polish company Elemental Holding SA started negotiations on the divestment of the former's majority shareholding in its subsidiary Gorenje Surovina, d.o.o. Negotiations also involve some other subsidiaries of Gorenje Surovina. The purpose of the negotiations is to specify the scope, value, and terms of sale. Management Boards of Gorenje, d.d., and Elemental Holding SA expect to complete the negotiations by the end of the second quarter of 2015.

Elemental Holding SA is a leading Polish company active in the fields of scrap metal collection and recycling. Through its subsidiaries in Poland, Slovakia, Lithuania and Turkey it is a key player in non-ferrous‎ metals, electronic scrap and catalytic converters. It is listed on Warsaw Stock Exchange and has current market capitalisation of over 150 million euro.

The Management Board of Gorenje, d.d., is concurrently also negotiating the options of divesting its shareholding in the company Publicus, d.o.o complete with Publicus subsidiary Ekogor, to the Slovenian company HIS, d.o.o., Ljubljana which already holds a 49 % stake in Publicus. These negotiations are also expected to be completed by the end of the second quarter of 2015.

Gorenje Group manages the companies Gorenje Surovina and Publicus, active in waste management, among its portfolio investments and the Group is examining its options to divest them.