Iskra's Elka took over a 50 percent ownership stake in Elkakon

Wednesday, 8 May 2024

We are pleased to announce that our Elka, the leading producer of electrical cables in the region, has expanded its operations by acquiring a 50% stake in the Croatian company Elkakon. Half of the ownership of Elkakon still remains with Končar-D&ST.

The purchase agreement was signed in Zagreb by Matija Šešok, president of Elka's management board, and Miljenko Hacek and Tihomir Hacek, owners of the Cotra Business Center, which previously held a 50% stake in Elkakon.

The Elkakon company was founded at the end of 2003 and specializes in the production of round and profiled industrial wire for transformers and electric motors.

With this purchase, the Iskra Group expands its cooperation and partnership with the Croatian Končar Group and believes that by combining knowledge and experience, the companies will take advantage of the market potential and create added value.

˝I believe that Iskra and Končar can cooperate more intensively in other areas as well, and I see this takeover as the first step in that direction. Our strategy is to expand through acquisitions of companies with market potential that, in synergy with Iskra, can multiply the added value. In this sense, Croatia is very interesting for us  because of its proximity, knowledge of the market and good experience with the companies we have taken over so far." said Dušan Šešok, director and majority owner of Iskra.