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Gorenje Takes Over Czech Mora Moravia
Jul 6, 2004
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Home appliance maker Gorenje signed a deal on the takeover of the Czech cooker producer Mora Moravia.

According to the company, the company intends to become a 100-percent owner of the Czech company by the end of the year and hopes to become one of the biggest producers of cookers in Central and Eastern Europe, Gorenje said
.
Last year, Gorenje posted a net profit of about 380,000 euros (approx. U.S. $467,580) on the Czech market through its Czech-based companies Gorenje Real Spol and Gorenje Kuchyne Spol, which employ 85 people.

The Velenje-based company increased sales in Eastern Europe last year by 17 percent. Last year's net sales revenues posted on the Czech market totaled 7.7 million euros (approx. $9.5 million).

According to Franjo Bobinac, Gorenje CEO, the Czech and Polish market will be the most important East European markets for the company this year as well. Gorenje's ambition is to create a strong pan-European trademark, Mr. Bobinac said.

Seated in Marianske Udoli in the Moravia region, Mora Moravia was established in 1825. It controls an important market share in the Czech Republic, Slovakia, and other eastern European countries. Last year, Mora Moravia generated revenues of 55.8 million euros (approx. $68.7 million) and a net profit of about 800,000 euros (approx. $984,945) according to Gorenje. (Slovenia Business Week, Slovene Press Agency STA)

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