The integration of the two entities under the single brand is the result of two years of consolidation which followed Ring's acquisition of Helios.

"Today we no longer have two separate coating groups, but a new, expanded Helios group with companies in 18 countries around the world and headquarters in Slovenia," the statement from Helios reads.

The Helios brand "remains synonymous with know-how, quality, a long tradition in coatings", the statement says, adding that the merger will see the name added to companies in Serbia, Austria, Russia, Poland and other countries.

Labelling the consolidation an "extensive and demanding process", Helios announced it had also resulted in organisational changes which would ensure that the group would be "better prepared for achieving key goals and implementing its ambitious vision".

The merger has also resulted in a management shake-up, as part of which David Kubala and Hubert Culik have assumed the top positions in the group. Rounding off the senior management are Aleš Klavžar, Patrick Lichtblau, Gert Schmidt-Leuhusen and Dietmar Jost.

Klavžar will head the Helios Domžale subsidiary and take charge of all support services at group level.

Lichtblau will head production, business processes and IT. Schnidt-Leuhusen will be in charge of sales of specialised coatings for industry and consumer products, while Jost will oversee the sale of industrial metal coatings.

The group also confirmed reports that Gerald Martens, who was tasked with overseeing Ring's acquisition of Helios as chief supervisor, was no longer with the group.

The group said Martens had decided to start a new career as an independent investor and thanked him for his contribution to the development of Helios.

News portal Siol.net reported this week that Martens was driven out of Helios following a dispute with the American funds which helped finance the takeover.

While announcing a detailed earnings release for April, the group said financial indicators were sound. It said earnings before interest, taxes, depreciation and amortisation registered double-digit growth, while total debt was reduced by more than 25% last year.

The group announced investments to bolster production of promising product lines and enhance health and safety and environmental standards at its plants, much of this in Slovenia.

It also said it was "planning to retain the current headcount" and continue to hire talented individuals for sectors such as research, development and sales.