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Croatia's Eko Medjimurje takes over tractor manufacturer Hittner

Author Annie Tsoneva
Croatia's Eko Medjimurje takes over tractor manufacturer Hittner Croatia's Hittner products

ZAGREB (Croatia), October 11 (SeeNews) - Croatia's metal processing company Eko Medjimurje said on Monday that it has completed the acquisition of a majority stake in local manufacturer of forestry and farming tractors Hittner.

“The Hittner family remains as minority shareholder in the company and commences a new development cycle with the new partner,” Eko Medjimurje said in a statement sent to SeeNews.

It did not disclose the value of the deal and the size of the majority stake.

Eko Medjimurje produces parts for construction machines like cabins, fuel and oil tanks, chassis, staircases, parts for food industry plants, boilers, and metal structures. Major machine equipment manufacturers such as Liebherr, Komatsu, Caterpillar, Wirtgen and Rubble Master are among its clients.

Eko Medjimurjeрр set up in 1906 in Senkovec, northern Croatia, currently has 420 employees and annual revenue of some 250 million kuna ($38.5 million/33.3 million euro), according to the statement.

Farm machine manufacturer Hittner was set up in 1987 in Bjelovar, northeastern Croatia, as a family-owned business. It currently employs 90 people.

The Hittner company plans to double its business in the next five years, backed by significant investments in production processes, development of new products and fresh hiring, according to the statement.

(1 euro=7.512 Croatian kuna)