The Slovenia Times

Iskra Zaščite doing well under Greek owner

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Iskra Zaščite, which only managed EUR 22,512 in profit in 2015, wrote in its annual report that it started developing a new generation of products last year, while also upgrading its existing lines.

While net sales revenue fell by 11% to EUR 17.27m, the company attributed this to the transfer of its development activities to a newly-formed company called CRDCE - Economic Centre of Excellence for Research and Development, which is also based in Ljubljana. This also resulted in a reduction of the workforce from 102 to 76.

Iskra Zaščite generated 82% of its revenue on foreign markets in 2016, EUR 8.1m coming from markets outside the EU and slightly over EUR 6m from EU markets. It sold its products to 261 buyers in 60 countries.

The company plans to move to new premises next year, announcing these will have the most advanced surge protector testing laboratory in Europe.

Iskra Zaščite was sold along with Varsi, a maker of varistors, to Reycap in the autumn of 2015 by Otmar Zorn, one of the richest Slovenians. The details of the deal were not disclosed, but its value was unofficially estimated at EUR 50m.

Varsi also more than doubled its profit last year to EUR 1.33m, while also increasing revenue by around 10% to EUR 6.64m. It generated 57% of its revenue on foreign markets.

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