The owners of the fund are said to be operating in a similar field in Russia, which, according to Martínek, opens up new opportunities in Eastern markets, according to Martínek. “We can’t be more specific yet, the new owners will soon introduce themselves,” Martínek said. “I can already say, however, that they have secured a significant contract. This is a delivery of 60 machining centers over two years worth almost 400 million crowns, which the new owners brought, “he added.
Kovosvit has so far controlled Strnad through Industry Innovation. However, he was never part of the Czechoslovak Group, which is also owned by Strnad. “We entered Kovosvit in the autumn of 2016, when he was in a critical situation. The company was saved and stabilized, but the synergies within the group did not work as originally planned, “says Strnad. “That is why we have been looking for an investor for more than a year who would buy the company and have the prerequisites to further develop it. Although we do not disclose the exact price of the transaction, I can state with satisfaction that it is comparable to the initial investment in my property entry into Kovosvit, “added the entrepreneur.
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Companies from Germany, Poland and Turkey were also said to have been interested in Kovosvit in the past. “In the end, we decided on the Trust Union Fund, not only because of the agreed price conditions, but also because of the potential to increase sales in the eastern markets, where the Kovosvit brand has a historically strong reputation,” says Kovosvit Chairman Daniel Kurucz.
According to the agreement between the seller and the buyer, the current management will remain in Kovosvit in the coming months, led by the Chairman of the Board of Directors Daniel Kurucz and the CEO Pavel Kovář.
Kovosvit, which has been struggling with debt and declining sales for a long time, exports half of its production, mainly to the EU and Russia. The company has a tradition in the production of machine tools. It was founded in 1939 by Tomáš Baťa. The company used to have up to 3,000 employees, now there are around 500. In autumn 2016, the company was bought by the industrialist Jaroslav Strnad. Then her son Michal took over.
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