Innova said that it was happy with its first direct investment in Slovenia, stressing that it could help the Trebnje-based company with its experience in the area of construction equipment.

"We're extremely proud of becoming a majority owner in this highly innovative company," said Andrzej Bartos, who is in charge of the Trimo investment at the Polish fund.

Innova concluded a contract on the acquisition of 97.45% of Trimo from a consortium of creditor banks on Monday.

The transaction, which is expected to be completed in the first quarter next year following regulatory approval, is reportedly valued at more than EUR 50m.

The sale has also been welcomed by the company's management and trade union.

Chairman Igor Kržan said that Innova should help reinforce operations following the financial restructuring with which the company turned around its fortunes.

In additional to patching up the balance sheet, Kržan said the management had succeeded in reestablishing marketing activities and thereby put the company back on its feet.

He said Trimo was expected to end the year with a profit and revenues in excess of EUR 80m.

The sale is not expected to result in major changes for the company, said Kržan, who said he anticipated that the Polish owner would provide for greater development.

Representatives of the new owner are expected to pay a visit to the company in the near future.

Also awaiting a meeting with them is the in house trade union, whose head said he was happy that rival bidder Kingspan from Ireland was not chosen as the buyer while refusing to make an assessment on Innova's plans.

Everything now depends on activities and development of know-how, said Peter Štrekelj, who reiterated that the trade union expected that Trimo headquarters, the development and marketing departments and production remain in Trebnje.