Japanese consumer electronics firm Panasonic Corp. will buy up to 13 percent of Gorenje, one of the biggest household appliance makers in Eastern Europe, as it aims to tap growing demand in the region.
Panasonic is pulling away from unprofitable consumer electronics and wants to be number one in appliances, pitting the company against the likes of Whirlpool Corp. and Electrolux. It also wants to tap into growing demand in emerging markets in Europe, particularly Russia.
The maker of Viera televisions will pay 10 million euros ($13 million) for the stake in Gorenje, which manufactures energy efficient appliances under multiple brand names. It sells to 90 countries and exports 95 percent of its output.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
