LJUBLJANA "“ "ATAG's acquisition will be finalized on July 1, worth EUR 130mn. A part will be paid in cash and a part in treasury shares", said Franjo Bobinac, Gorenje Chairman.
ATAG is a producer of household appliances, operating for 60 years now. Its headquarters are in Erpe-Mere in Eastern Flandreau and, according to their website, it is privately owned.
"Purchasing the top Dutch producer of household appliances is the largest acquisition in company's history, with which Gorenje (LJSE:GRVG) is implementing its strategy of fast-growing expansion to European markets. ATAG Europe realized almost EUR 150mn worth net sale revenues last year, or 14% of overall income realized by Gorenje Group, and EUR 11mn net profit.
ATAG has 20 employees and realizes 90% of its revenues through sale in Benelux, 75% of which through its prestigious brands Atag, Etna and Pelegrim.
"Acquisition of ATAG Europe is a significant step for Gorenje, as ATAG Chairman and former owner, Philip Sluiter, will be a part of Gorenje Board of Directors. He will now be responsible for Benelux market, Gorenje supplementary program and prestigious brand ATAG", stated in Gorenje.