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Gorenje sells waste-processing subsidiary Surovina

July 24, 2015 | Comments: 0Author:

Polish Tesla Recycling acquired the majority stake in a subsidiary of international household appliances maker Gorenje, headquartered in the town of Velenje, Slovenian Press Agency (STA) said. Gorenje Surovina is a waste-processing company with a production plant which serves as a technological and development platform for the development of an alternative fuel production programme in compliance with the solid recovered fuel (SRF) system. Gorenje will likely sell the remaining share in the company to the new owner after three years. Slovenian media had reported the two sides began negotiating in April.

In a filing to the Ljubljana Stock Exchange Gorenje said it had sold a 69.32% stake to Tesla Recycling, subsidiary of Elemental Holding, for EUR 29.2 million. Elemental Holding boss Pawel Jarski said this was the biggest Polish investment in Slovenia, while Gorenje management member Peter Groznik said the move was part of the company’s plan to focus solely on its core activity – household appliances. The deal includes Surovina’s subsidiaries Kemis Valjevo and Cleaning System S (both based in Serbia) and Kemis BH in Bosnia and Herzegovina.

Elemental Holding is dealing with collecting and processing waste metals. With subsidiaries in Poland, Slovakia, Lithuania and Turkey, it is active in processing of electronic waste and car catalysts.