Haier, Hisense and Meiling from China will compete for the biggest white-electricity company in Europe, Slovenia, Gorenje. Before that, European professional media speculated that the acquirer was Chinese-American, and the rumors did not break.
The rumor was falsified. It was not the United States but Meiling.
Haier, Hisense and Meiling from China will compete for the biggest white-electricity company in Europe, Slovenia, Gorenje. Before that, European professional media speculated that the acquirer was Chinese-American, and the rumors did not break.
This accurate news comes from Gorenje. On May 8th, Gorenje website published a message that the company has received three acquisition offers from three Chinese companies: Haier, Hefei Meiling and Hisense.
Meiling’s pace of taking M&A in Europe was somewhat unexpected. Starting in December last year, BlueTech received media news from Europe that the US-based group from China is acquiring Gorenje, Slovenia’s largest white goods maker. At the same time, there is another Chinese Haier.
Later, when verifying this information with people who knew Gorenje, the other party did not make an accurate response. It only stated that there were 2-3 companies willing to participate, including the participation of Chinese companies, but did not disclose the company's name and other specific information.
Informed sources close to Gorenje revealed to Blue Technology that around the Spring Festival in 2018, the three Chinese companies led their respective business negotiators to a close contact with Gorenje. In the preliminary preparations, Gorenje made a due diligence on Chinese companies and tried to find the most suitable partner for them.
At the same time, Chinese companies have also made careful arrangements and due diligence in terms of law, finance, and channels. According to sources, one of the companies prepared for eight or nine months. The company has seen international mergers and acquisitions accelerate significantly in recent years and has obvious advantages in the global ecological chain construction.
However, with the appearance of Hisense and Meiling, some changes have been added to M&A matters. The ultimate merger and acquisition case will require Gorenje’s final announcement.
Gorenje, who focuses on refrigerators, washing machines and other products, faces a "three elections." Regardless of who eventually succeeded in handing it, this is the first case of Chinese M&A after the Chinese home appliance industry entered 2018, which means that the Chinese home appliance industry's M&A expansion in Europe will further accelerate.
For most Chinese consumers, Gorenje is unfamiliar. Why did the above three Chinese companies acquire the brand of Slovenia instead of the other European countries?
In fact, Gorenje is a relatively well-known brand in Europe. For Chinese companies, the successful acquisition of Gorenje will have absolute strategic significance.
The first is the use of Gorenje, which can open up infiltration channels to other European countries. Founded in 1950, Gorenje is the largest producer of white goods in Slovenia (Home Appliances). With a market share of 4% in Europe, Gorenje is one of the eight largest home appliances manufacturers in Europe.
Most importantly, since the establishment of Gorenje, they have continued to expand to other countries. Its expansion is multi-brand and multi-channel. Up to now, the company has six brands: Gorenje, Mora, Atag, Pelgrim, Etna, K?rting and Sidex.
In terms of channel expansion, the Gorenje Group currently includes 83 companies, of which 59 are located outside Slovenia and its products are spread over more than 70 countries.
This means that the acquisition of Gorenje is equivalent to an increase of sales in 70 countries and its six sub-brands.
In the European market, channel expansion and maintenance are more difficult than in China. Therefore, through the acquisition of a mature brand open channel, the formation of multi-brand space will have a multiplier effect. For example, Gorenje has established distribution and sales networks in Germany, Austria, France, Denmark, Italy and Australia.
Second, through the sports marketing culture of Gorenje in Europe, it cuts into sports marketing. Gorenje sports marketing in Europe has a certain brand influence. Some of the more well-known are the general sponsors of the Nordic Ski Team in Slovenia, the Gorenje Handball Club, and the French Football Championship Coupe de la Ligue.
For Chinese home appliance companies, getting closer to European consumers through sports marketing is a shortcut.
In 2013, Haier sponsored the Italian National Volleyball League and sponsored the football match between the Italian national team and the Polish national team, laying the foundation for Haier’s position in Italy.
In 2016, Hisense sponsored the European Cup to increase the sales and brand awareness of Hisense in Europe. So in Europe, sport is one of the most popular marketing methods that most easily impress consumers.
Third, it helps to build a sound ecosystem. In addition to home appliances, Gorenje also produces ceramics, kitchen and bathroom furniture, and provides services in the areas of energy, ecology and trade. At the same time, it has good cooperation with Swarovski, Pininfarina, Karim Rashid and Ora-?to.
China's home appliance companies already have a sound industrial chain and ecosystem. Once they have successfully acquired Gorenje, it will be a useful supplement for any Chinese brand to integrate resources in Europe and establish an ecosystem.
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