Japanese consumer electronics firm Panasonic Corp will purchase 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 ($12.91 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.The companies will engage in joint research and development for washing machines, refrigerators and built-in ovens and cooperate in sales and marketing throughout Europe.
Whirlpool Corporation (Whirlpool) is a manufacturer and marketer of home appliances. Shares of WHR remained unchanged at $114.99. In the past year, the shares have traded as low as $59.85 and as high as $134.09. On average, 984678 shares of WHR exchange hands on a given day and today's volume is recorded at 0.
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