Gorenje Group sold Stara Pazova based plant for the production of water heaters “Gorenje TIKI” to a Swedish company “NIBE Industrier”. This information was published by the Slovenian home appliance manufacturer on the Ljubljana Stock Exchange. “We concluded an agreement on the sale of 100% shares of the company “Gorenje TIKI”, d. o. o. to the company “NIBE Industrier” AB, one of the key players in the European electric water heater manufacturing market,” Gorenje Group says in a press release. The announcement does not specify the value of transaction. It is stipulated that this sale represents continuation of disinvestment strategy of non-core businesses of the group, in order for it to focus on its core business of manufacturing and marketing home appliances. “Gorenje TIKI”, founded in 1951, since when it has been a part of the Gorenje Group, generates annual sales of approximately EUR 35 million and has a strong market position in the Eastern Europe. It exports its products in more than 40 countries, mostly in Ukraine, Germany, Austria, Slovenia and Russia. The entire management team in Stara Pazova will remain in place, Gorenje will also remain an industrial buyer of its products, while NIBE will obtain the “TIKI” brand, the statement added. The company NIBE, which lists on the Stockholm Stock Exchange, had an income of around EUR 2.1 billion and a profit of around EUR 190 million following taxation last year.