Gorenje Acquires Asko Aug 5, 2010

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Slovenian appliance OEM Gorenje acquired 100% ownership of Sweden's Asko Appliances Group from Antonio Merloni S.p.A. Gorenje expects important synergies will be achieved for both companies and will further its strategy to be a fast growing pan-European player in the appliance industry.

Asko has manufacturing facilities for dishwashers, washing machines, and tumble dryers in Vara, Sweden, and ranges, ovens, and cold irons in Lahti, Finland. The Asko brand is positioned in the high-end segment, and Asko's Upo brand is used for mid-range appliances. The Asko brand also comprises a niche range of professional products for the semi-commercial market, which Gorenje sees as a growing business area with high potential.

The Asko acquisition gives Gorenje market coverage in Nordic countries, North America, and Australia, which are Asko's primary markets.

Gorenje said the acquisition will not impact existing Gorenje production employees in Slovenia as Asko production covers the wet appliance segment, which is not produced in Velenje.

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