Slovenian appliance giant Gorenje has bought Dutch manufacturer ATAG Europe - the largest acquisition in Gorenje's history.

ATAG generated nearly EURO150m (£118m) in net sales revenues in 2007, a figure that represents nearly 14% of the operating revenues of the Gorenje Group, and a net profit of over EURO11m (£8.7m).

ATAG Europe B.V. is made up of medium and high end brand names ATAG, Etna and Pelgrim. The addition of these brands to the Gorenje portfolio extends its reach in to the premium appliance end of the market.

"The acquisition of ATAG Europe B.V. is a historical milestone for Gorenje," said Franjo Bobinac, president and ceo of Gorenje. "It is a winning combination since it represents a completion of the Gorenje brand names portfolio with the high positioned brands and enables important strengthening of Gorenje Group's position in Europe. Gorenje is realising its strategic plan and has assumed its active role in the consolidation processes in the household appliance industry.

"Between Gorenje and Atag, we see numerous synergies in marketing, procurement, product management and production."

Philip Sluiter, director and owner of ATAG Europe B.V. will join Gorenje's management board with responsibility for the Group's operation in the Benelux and the ATAG brand names.