Austrian Andritz Acquires Đuro Đaković – Thermal Power Plants

Austrian Andritz has announced on its website that it has acquired the company Đuro Đaković – Thermal Power Plants, a company that, as they state, has an annual revenue of approximately 60 million euros and employs around 870 workers at its two locations, in Slavonski Brod and Lužani.

The change of ownership is now visible in the court register, where Andritz is registered as the new owner, and the previous owner, the Russian company Nordenergogrupp, owned by Russian oligarch Alexey Mordashov, has been removed, who found himself under EU sanctions following the Russian invasion of Ukraine.

Andritz: The acquisition will strengthen our market position in the renewable energy equipment segment

Andritz emphasizes in a statement that ĐĐ-TEP is a successful company with over a hundred years of experience in the production of boiler plants for all types of fuels and with the most demanding parameters.

The company focuses on the design and production of boiler plants, energy islands, and power plants that process biomass and waste, using grate technology, thereby strongly supporting the circular economy, as stated in the announcement.

Furthermore, it is noted that ĐĐ-TEP produces and delivers, on a ‘turnkey’ basis, complete power plants for the production of electrical and thermal energy from biomass (cogeneration), with a capacity of over 2 MWe.

The company is a European leader in the production of pressure parts and custom boiler equipment, among other things, Andritz emphasizes.

The acquisition will, as highlighted by the Austrian company, further strengthen their market position in the renewable energy equipment segment.

Andritz also emphasizes that they are a global technology group, with around 27,400 employees, present in more than 280 locations in over 40 countries.

According to data from the ĐĐ-TEP website, the company was part of the Slavonski Brod group Đuro Đaković until the mid-1990s, and during the privatization process (1996), more than 51 percent of the shares were purchased by the Austrian AE Energietechni. However, after problems in that company, Slavonski Brod ĐĐ-TEP changed owners, and for the last ten years, it has been owned by a Russian company, namely the Russian oligarch Mordashov.

However, the Russian owner found himself under sanctions after the start of the war in Ukraine, which created significant problems and caused the blockage of that Slavonski Brod company, from which they appealed to the government to allow the company to operate and be removed from the sanctions list.

In the second half of March, the then Deputy Prime Minister and Minister of Finance Zdravko Marić signed a document that separates the issue of ownership from the normal functioning of the company and prevents any transfer of financial resources to the owner and potentially his related companies.

– Sanctions against the owner remain in effect, but this document exempts the operations of the company ĐĐ-TEP from sanctions. This means our company continues to operate normally, with a control and oversight system established regarding the owner, who has practically been deprived of his rights in TEP – said the director of ĐĐ-TEP, Ivica Marić.