Iskra Secures Majority Stake in Rijeka Shipyard
Slovenian industrial powerhouse Iskra has gained regulatory approval from Croatia to acquire a majority stake in the 3 May Shipyard located in Rijeka. This acquisition marks Iskra’s second significant investment in the Croatian shipbuilding sector, following its earlier purchase of the Šibenik shipyard in 2019. The deal, confirmed by Croatia’s state-owned enterprise restructuring agency, is set to finalize upon Iskra’s payment of €6.7 million, surpassing the initial asking price.
Strategic Investments and Future Plans
Dušan Šešok, the owner of Iskra, has outlined ambitious plans for the Rijeka shipyard, emphasizing a commitment to substantial investments. He revealed intentions to inject at least €100 million into the facility in the short term, with projections of doubling that amount over the next two decades. This financial commitment aims to enhance the shipyard’s operational capabilities and overall productivity.
Iskra intends to maintain its collaboration with Scenic MKM Yachts, an Australian luxury yacht manufacturer, while also exploring new ventures in the defense sector and the construction of both passenger and commercial vessels. The company’s goal is to increase the Rijeka shipyard’s revenue from €18 million in 2025 to €30 million, aligning it with the turnover achieved at the Šibenik facility last year. Šešok acknowledged the challenges ahead, particularly in maximizing output with the existing workforce and resources, given the differences in labor costs and employee numbers between the two shipyards.
Expanding Influence in Croatia
The Šešok family, recognized as one of Slovenia’s wealthiest, has been actively broadening its business presence in Croatia. In addition to the shipyards, Iskra acquired electric cable manufacturer Elka in 2021 and took a majority stake in engineering firm ELMAP earlier this year. While Iskra is primarily known in Slovenia for its diverse range of electrical equipment, these recent acquisitions signify a strategic shift towards enhancing its industrial footprint in neighboring Croatia.
As Iskra moves forward with its plans, the company aims to leverage its growing portfolio to drive innovation and efficiency within the shipbuilding industry, positioning itself as a key player in the region’s maritime sector.
