Business News

Kolektor Acquires Transformer Manufacturer Etra 33

Idrija, 28 January (STA) - Kolektor, the Idria-based industrial group, has acquired transformer manufacturer Etra 33 in what the managements of the two companies labelled a friendly takeover. Etra 33 was owned by consulting and investment firm Sarini, which had regarded it as a portfolio and not as a strategic investment.

"Since industrial technology is among our pillars, we decided to keep it as our central activity also in the future," Kolektor CEO Stojan Petric told the press on Thursday. He explained that the contract had been signed on Wednesday.

Petric described Etra 33, also known in the past as Energoinvest, as a good company with more than 200 workers. The Ljubljana-based company records an average annual turnover of EUR 50m and creates EUR 75,000 value added per employee.

It is moreover planning an investment involving a new 400 kV transformer and a new production hall estimated at EUR 30m.

The acquisition of Etra 33 will take Kolektor's turnover to EUR 300m in 2010 and possibly to EUR 350m in the coming two years, Petric announced.

The executive director of Kolektor Radovan Bolko noted that 2009 had been very tough on Kolektor but that an improvement is expected for this year. Sales for the first quarter of this year are planned to increase 40% on the same period last year.

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