Slovenia-based appliance maker Gorenje is set to expand to several new markets within the next 2 years, according to Finance, a business newspaper.
By the beginning of 2006, Gorenje will establish dealerships in Dubai and Lithuania. By the Fall of 2006, Gorenje will also launch a new production facility in Valjevo, Serbia-Montenegro. In addition, Gorenje CEO Franjo Bobinac said the company will also expand to Russia in 2007.
According to Bobinac, Gorenje has already opened offices in Latvia and Estonia, while the factory in Russia is to be built in cooperation with a foreign partner who would provide the location.
Bobinac expects that the Dubai office, which will cover the Middle East, will generate sales of U.S. $20 million per year, while the company will also open an outlet in Baghdad.
Gorenje increased sales 14.8 percent 739.5 million euros (approx. $870.7 million) in the first 9 months of 2005. Almost half of the increase is attributed to Gorenje's recent acquisition, the Czech company Mora Moravia. (Slovenia Business Week)
Back to Breaking News