China's Hisense sells Serbian water heating producer to NIBE

LJUBLJANA (Reuters) - Chinese home appliances maker Hisense 000921.SZ has sold Gorenje Tiki, a Serbian producer of water heaters and heat pumps, to Swedish heating technology firm NIBE Industrier AB NIBeb.ST.

Hisense’s Slovenian unit, Gorenje, said on Tuesday the sale was part of Gorenje’s drive to focus “on the core activity of manufacturing and marketing domestic appliances.”

In a joint statement with Gorenje, NIBE’s CEO Gerteric Lindquist said: “Tiki will strengthen our market position as one of the largest manufacturers of water heaters in Europe and we will also gain access to production capacity in Serbia,” .

“At the same time, we will increase our market presence in new interesting markets in Eastern Europe,” he added.

Tiki’s sales amounted to about 35 million euros ($39 million) last year. The value of the deal was not disclosed.

Reporting by Marja Novak; Editing by Mark Potter