Two Slovenian companies producing electric surge protector components were taken over by the German and Greek group, which makes protector systems, business daily Finance said.
Details were not revealed, according to an article published by Slovenia Times. The owner believes that many synergies can be created; together the companies have a lot of intellectual capital and patents. The strategic acquisition of surge protection manufacturer and innovator Iskra Zaščite expands Raycap’s offering in state-of-the-art surge protection technology, bringing a whole new suite of products and solutions to customers worldwide,” said Kostas Samaras, chief executive of Raycap.
Varsi, metal oxide varistor (MOV) developer and largest European manufacturer, will grow and will be invested in to strengthen its position as an independent supplier to the surge protection industry, he stated. The investor secures facilities like wind power plants, airport radars, and railways, Samaras added.
No major staffing changes are planned. Iskra Zaščite and Varsi have a total of 250 employees, while Raycap has 450 in Greece, Germany, the United States and Romania. “Our goal in Ljubljana is growth,” Samaras said. Raycap, founded in 1987, is owned by Kostas Apostolidis. Last year it generated EUR 160 million in revenue; combined with the Slovenian companies the figure stands at EUR 200 million, the article said.
Electric surge protectors are used in large systems, mainly produced by big global players such as ABB, General Electric and Siemens, for which it is easiest to buy the entire surge protector system from a single producer, Finance also said.