Panasonic to buy stake in Slovenia's Gorenje

Japanese consumer electronics firm Panasonic Corp will buy up to 13 per cent 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 euro 10 million ($12.91 million) for the stake in Gorenje, which manufactures energy efficient appliances under multiple brand names.