Spanish Car Parts Maker Gonvarri Buys 42% of Hidria

By , 20 Jul 2022, 11:41 AM Business

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STA, 19 July 2022 - The family of Edvard Svetlik, former CEO of car parts maker Hidria, sold its 42% in H&R, the 89% owner of Hidria, to Spanish automotive supplier Gonvarri, H&R confirmed on Wednesday after the news was reported by the business newspaper Finance the day before. 

While the value of the transaction has not been disclosed, last year the business magazine Manager estimated the stake held by Edvard Svetlik and his spouse Ivica Svetlik in Hidria at EUR 33.6 million.

The deal is pending regulatory approval, after which Gonvarri Industries will become a strategic partner of H&R, the latter said in a press release, adding that both companies hope to address new challenges posed by the fast-growing automotive industry, especially the rise of electric vehicles.

The majority stake in H&R, some 52%, is held by a consortium of managers consisting of Iztok Seljak, Dušan Lapajne, the Rejc family and entrepreneur Alex Luckmann.

The new partnership is aimed at becoming a leading supplier of electric and hybrid automotive components, specifically stators and rotors, the global market of which was last year valued at EUR 5 billion.

After the deal is fully approved, expectedly by the end of the year, Gonvarri representatives will also become part of Hidria's management board.

Gonvarri is one of the market leaders in steel and aluminium processing. The company is present in 26 countries in Europe, North and South America, and Asia, employing more than 6,000 people. In 2021, the company recorded revenues of more than EUR 4 billion, according to its owners.

"Hidria remains firmly rooted in Slovenia with existing investments - the one in Spodnja Idrija aimed at developing and manufacturing of electric motors' rotor and stator parts, valued at EUR 40 million, as well as with new planned investments," Hidria owners said.

"The partnership with Gonvarri will enable Hidria to increase global sales and production, as well as boost its influence and visibility in Europe and worldwide," they added.

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