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Slovenian Iskra Expands its Reach in Croatia with the Acquisition of ELMAP

Slovenian conglomerate Iskra has marked another milestone in its expansion within the Croatian market by acquiring a majority stake in the Split-based automation and energy solutions firm ELMAP, further solidifying its presence in the region

In a significant move that underscores its expansion strategy in the region, Slovenian company Iskra has announced the acquisition of a majority stake in the Split-based firm ELMAP. The details of the transaction were not disclosed, but the acquisition marks Iskra’s continued investment in Croatian businesses, following its previous acquisitions of the Šibenik shipyard and Zagreb’s ELKA.

ELMAP is recognized for its leadership in the automation of water treatment and supply systems, energy, and infrastructure projects within the region. The signing ceremony in Split saw Iskra’s main director and majority owner, Dušan Šešok, finalizing the deal with ELMAP’s owners, Ljubomir and Jasminka Božiković.

Šešok expressed his enthusiasm for the acquisition, highlighting Iskra’s impressive performance despite global market challenges and the looming recession in Europe. He attributed the company’s success to the shift of European customers towards European manufacturers for components and systemic solutions in various sectors including energy, ecology, telecommunications, and industrial automation. “Acquiring ELMAP aligns with our strategy to expand through acquisitions of companies with market potential that can synergize with Iskra to multiply added value,” Šešok stated.

He further emphasized Iskra’s commitment to continuous investment in research and development to incorporate new technologies and innovative solutions. This approach will be extended to ELMAP’s further development under Iskra’s new ownership.

From ELMAP’s side, Ljubomir Božiković expressed satisfaction with the new partnership, looking forward to the growth and development opportunities that being part of the successful and entrepreneurial Iskra group would bring to ELMAP’s team of over 30 employees.

This acquisition of ELMAP is Iskra’s third venture in Croatia, signaling a strong and growing presence in the country. With the inclusion of ELMAP, Iskra aims to further strengthen its portfolio and enhance its offerings in the automation and energy sectors, promising a future of innovative solutions and expanded services within the region.

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