The Maribor-based security equipment manufacturer Primat has been sold to the Swedish multinational Gunnebo, a leading maker of certified mechanical security solutions, for an undisclosed sum.

Primat, which has been manufacturing security safes, vaults and doors, cabinets, racks and other metal products for more than a century, had been owned by its former managerial team before becoming a part of the Gunnebo group.

Addressing reporters on 10 October, CEO Matjaž Andric said the change of ownership would bring better opportunities for future development and easier penetration into international markets.

The merger will also bring more investments for Primat's production facilities in Slovenia and Serbia, according to Andric. Primat employs some 100 people in Maribor and another 80 in Baljevac, Serbia.

He pointed to the outlook for significant investments to boost growth and upgrade the key work skills and tools.

"We are happy that the new owner decided to preserve the Primat brand, as it is recognised, both in Slovenia and abroad, as a guarantor of quality security solutions. Together, we will be stronger and will create more easily products with the highest level of protection, reliability and value added."

Headquartered in Göteborg, Gunnebo specialises in security products for entry oversight and safe storage. It is present in 24 countries around the world and employs more than 3,500 people. Last year it generated over €400 million in revenue.

Gunnebo CEO Stefan Syren said Gunnebo's investment in Primat and its team of experts demonstrated the group's dedication to innovation, growth and creation of added value for its clients.

Syren said that Gunnebo planned to continue Primat's excellent work and continue to develop existing sales avenues.

The former owners meanwhile expressed satisfaction that they managed to bring Gunnebo on board. The globally-established group will allow Primat to develop more quickly, which will improve the working conditions and job stability for the employees, they believe.

Last year, Primat's operations were strongly marked by a restructuring of its largest buyer of ATM safes from the US, resulting in a significant drop in orders in the first half of the year.

In the second half, the situation went back to normal, said Andric, with the buyer's orders returning to the previous level and orders for other products picking up as well.

The company generated €11.4 million in revenue last year, 95% of which abroad, nearly half in the US. It posted €170,000 in net profit, a significant decrease from the €700,000 the year before.

In 2023 and 2024 the company completed several significant investments worth a total of €1.5 million with the help of the state Spirit agency, the company's greatest investment cycle in the past 15 years.