The Cortec Corporation has announced their latest acquisition. Croatian company CorteCros became a wholly owned subsidiary of Cortec Corporation after the signing of a contract between Crosco, Oil Services Ltd. - daughter company of Ina, one of the biggest oil producers in Central Europe - and the Cortec Corporation. Cortec has previously owned 40 percent of CorteCros while 60 percent of the shares was in the hands of Crosco.
Cortec Corporation, owned by Croatian-American entrepreneur Boris Miksic, is one of the leading manufacturers of corrosion protection inhibitors in the world market and sells its products in over 90 countries. Croatian bioplastics plant EcoCortec, also owned by Miksic, has become the European center for production of environmentally safe anti-corrosion films. This latest acquisition is the result of Cortec's expansion and further strengthening of its strategic position in Europe.
The company's central European point for manufacturing and distribution is now located in Croatia from where the products are exported worldwide. CorteCros will be fully incorporated into Cortec's new business strategy with its resources, such as its Zagreb office and distribution center. Cortec's products will be controlled by the new laboratory whose construction is planned in the near future. The main European location for storage of Cortec products as well as products of Cortec's daughter company Bionetix International, which specializes in environmental biotechnology.
CorteCros has been operating by selling corrosion protection products on the European market. The company has won four Croatian "Gold Kuna" awards for successful business. Their rich experience will further strengthen Cortec's position in Europe and accelerate company's objective of further increasing market share. 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.
While Miksic is thrilled to see his business grow on a global scale, he is especially eager to involve his homeland Croatia as much as possible: "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 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 cooperation with my homeland even more. My goal is to brand Croatia as a central point for new technologies in this part of the world!" said Miksic.