On 2nd November 2021, the Croatian parasol manufacturer VIS Promotex stated that it has taken over aluminium foundry Lipovica, with a focus to increase sales and exports.
The Varazdin-based VIS Promotex said in a statement said: “Following a public tender called by the government's centre for enterprise restructuring and privatisation, CERP, in which VIS Promotex was named the best bidder, the company signed a deal to buy the foundry and fulfilled all of its obligations.”
However, the company did not reveal the value of the deal, while the information published on the website of CERP, said: “On 24 September, the Croatian Govt. agency decided to accept a binding offer by VIS Promotex to acquire Lipovica for 16 million kuna that outbid three other valid offers.”
VIS Promotex said: “Both companies export over 80% of their products and together they will achieve synergy effects in terms of sales, production and supply in order to boost production and exports.”
The Croatian aluminium foundry, Lipovica that manufacturers die-cast aluminium radiators, pressure casts and gravitational casts, exports its products to more than 10 markets.
VIS expects collaboration in the production of aluminium parts for its manufacture of parasols for exports. Furthermore, Lipovica expects its production of aluminium parts for automobiles and electrical equipment to develop significantly.
Lipovica carries more than 40 years of industry experience in the production of aluminium castings.
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