The acquisition is a strategic investment and involves the option of buying the outstanding stock, SIJ said on Wednesday.

Oro Met from Košana in south-west Slovenia is specialised in making tool plates, frames and CNC-machined plates used by the tool industry.

SIJ said the acquisition marked the implementation of its strategy of vertical integration and the would add to its portfolio of high value-added products.

Oro Met, which generates the bulk of revenue with exports, has a workforce of 55 and posted sales of EUR 8.6m for 2014. SIJ said its revenue grew by 30% in 2015.