Končar Acquires 75 Percent Stake in Helb, a Domestic Manufacturer from Božjakovina

Končar – Elektroindustrija d.d. has signed a purchase agreement for 75 percent of the ownership stake in Helb d.o.o., based in Božjakovina, as announced by Končar, noting that this acquisition will expand and enhance its own resources and competencies.

The purchase agreement specifies the conditions and legal actions that the contracting parties must fulfill to complete the transaction and transfer ownership stakes to Končar. This includes, among other things, obtaining the necessary concentration approvals in accordance with applicable legislation. The announcement does not disclose the value of the acquisition.

– With this acquisition, Končar will expand and enhance its own resources and competencies, increase system adaptability, and further strengthen its product and service portfolio in the field of engineering for electrical infrastructure – emphasized Končar.

Stable Domestic Company

Helb is an engineering company from Božjakovina specializing in design, production, construction, management, and maintenance of electrical power facilities, operating since May 28, 1990. The company was founded by entrepreneur Vladimir Horvat, who served as CEO until January 14, 2021, when current director Stjepan Horvat took over leadership.

According to data from Fina, Helb achieved total revenue exceeding 19 million euros in 2023, an increase of 3.2 million euros compared to the previous year, when revenue was 15.8 million euros. The company has been profitable over the last two years, with a net operating result in 2023 amounting to 562,969 euros, and a net margin of 2.96 percent. Helb has been privately owned, fully financed by domestic capital, and the amount of share capital has remained unchanged. In 2023, it also recorded an increase in the number of employees, employing 128 workers by the end of the year. Data for 2024 is not yet available.

Ambitious 2025

Gordan Kolak, CEO of Končar, previously announced that the company enters 2025 with clear goals – further revenue growth, strengthening exports, and investments in development. The consolidated business plan of the Končar Group for this year is based on a stable order book, which exceeded 2.1 billion euros by the end of 2024.

Planned total revenues for 2025 exceed 1.1 billion euros, with exports accounting for over 70 percent of sales. The German and Nordic markets are particularly highlighted, but Končar sees opportunities in expanding to new markets. Investments exceeding 80 million euros will be directed towards the development of new products, modernization of production capacities, and technological innovations, which is, he says, crucial for strengthening competitive position.

It is worth noting that at the beginning of 2025, Končar officially announced on the Zagreb Stock Exchange that the merger of the company Advanced Energy Solutions has been registered in the Court Register. This is a company with minimal revenue and zero employees, but with 41.16 million euros in assets as of 2022. They are the majority owner of Dalekovod, holding 75.16 percent of the shares.

The largest domestic net exporter also acquired 52 percent of the voting rights in the software company Adnet through ownership stakes in the company and its parent company Kreanca systems in 2024. Along with numerous other investments and acquisitions over the years, it is important to recall that Končar and Siemens Energy deepened their long-standing partnership in 2024 by establishing a joint venture Končar – Transformer Boilers (KTK), in which Končar holds a 60 percent stake and Siemens Energy 40 percent. The new company, Kolak said at the launch of the collaboration, will focus on the production of transformer boilers, a key component for energy transformers. The construction of a new facility in Sesvetski Kraljevec is planned, and the annual production of 160 boilers will provide energy for 2.4 million households.