International manufacturer of anti-corrosion products Cortec Corporation has acquired Croatian company CortecCros. CortecCros is now a wholly owned subsidiary of Cortec Corporation after the signing of a contract between Crosco, Oil Services Ltd. and Cortec Corporation. Cortec previously owned 40% of the company, with the 60% belonging to Crosco.
According to Cortec, it is currently one of the fastest growing manufacturers of corrosion inhibitors in the world. It sells its products in over 90 countries, and is owned by Croatian-American entrepreneur Boris Miksic, who also owns Croatian bioplastics plant EcoCortec.
CorteCros has been selling corrosion protection products on the European market for years. The company has won four Croatian “Gold Kuna” awards for successful business.
Cortec’s central European point for manufacturing and distribution is located in Croatia from where the products are exported worldwide. CorteCros will be fully incorporated into Cortec's new business strategy using resources such as its Zagreb office and distribution center in the coastal town of Split, Croatia. New laboratory capacity is planned in the near future. Split will be the main European location for storage of Cortec products as well as products of Cortec’s daughter company Bionetix International, which specialises in environmental biotechnology.
The acquisition will further strengthen Cortec’s position in Europe and accelerate the company’s objective of further increasing market share, it says. CorteCros will provide technical support for Cortec’s products and services, particularly in industries such as military and oil industries in which this company has extensive experience.
“This acquisition is an excellent opportunity for Croatia to strategically position itself as the center of Europe for environmental technology of corrosion protection and grab a piece of pie on the fast-growing market of corrosion inhibitors. With the launch of the EcoCortec plant which has just celebrated 10 years of successful business I directed Croatia towards innovative solutions whose demand in the world is rapidly growing. Now with having CorteCros as part of our Cortec family I want to strengthen co-operation with my homeland even more. My goal is to brand Croatia as a central point for new technologies in this part of the world!" says Miksic.