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ThyssenKrupp Elevator strengthens presence in Croatia

Important step in expansion of Eastern European business ThyssenKrupp Elevator has acquired Končar Dizala i servis d.o.o., Zagreb.

ThyssenKrupp Elevator, which has been in the elevator and escalator business since 1948, has 110 employees and achieved sales of around €5.5 million in fiscal 2006. The seller is the Končar group, which is disposing of this subsidiary as part of its move toward focusing on its core businesses of energy, industry and trading. Eastern Europe is a key growth area for ThyssenKrupp Elevator's business, and the full acquisition of Končar Dizala i servisi d.o.o. represents a continuation of the group's growth strategy in the region.

In the future, the new company will trade under the name ThyssenKrupp Končar Dizala d.o.o. and will continue to be headed by current Managing Director Mario Ćutuk. ThyssenKrupp Elevator established its first subsidiary in Croatia in 2002 and recently strengthened its presence in Slovenia. The group has further Eastern European subsidiaries in Russia, Ukraine, Poland, Hungary, the Czech Republic, Slovakia, Serbia and Lithuania. (