Bratušek pointed out at a press conference that the company was able to avoid the economic crisis and that she would only wish to have a balance sheet like Kolektor's as prime minister.

Petrič highlighted two processes that he finds crucial for successful operation, human resources management with additional training of employees and good choice of key staff, and diversification.

"When you have a good basic programme that brings profit it is hard to persuade your co-workers to start thinking about other products. This is why I am very proud of my co-workers that they managed to do so," Petrič said.

The concern currently employs over 3,000 workers in 20 subsidiaries around the world. In the last 20 years, Kolektor increased sales 15-fold to EUR 450m.

Kolektor has produced over 5bn different product pieces and holds 58 patents.

According to Petrič, the market pressure on prices and lower competitiveness due to high internal costs are being countered by internal innovation and by moving production to lower-cost countries.

The ceremony was only one in a string of events organised to mark Kolektor's 50th anniversary. A book on the conglomerate's history was launched at the start of the year and a concert was organised for the people of Idrija in July, while more events are still planned until the end of the year.

In November, the concern plans to open a new production plant in Germany.

The company made a net profit of EUR 24m in 2012, up 11% from the year before, although revenues were down 2% to EUR 435m. The operating profit (EBIT) stood at almost EUR 29m and was 13% higher than in 2011.