Cortec acquires CortecCros
Cortec is pleased to publicly announce the latest acquisition of the Cortec® Corporation. Croatian company CortecCros became a wholly owned subsidiary of Cortec Corporation® after signing a contract between Crosco, Oil Services Ltd. - daughter company of Ina - one of the biggest oil producers in Central Europe and Cortec Corporation. Cortec has previously owned 40% of the company CorteCros, while the share of 60% 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 a European centre for production of environmentally safe anti-corrosion films. This latest acquisition of Cortec is a result of the company’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 the new Cortec's business strategy with its resources such as the Zagreb office and distribution centre in the coastal town of Split, Croatia. The company’s products will be controlled by the new laboratory capacity whose construction 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.
CortecCros has been operating successfully for years 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 the company’s objective of further increasing market share. CortecCros will provide technical support for Cortec’s products and services, particularly in industries such as military and oil industries in which the company has extensive experience.
Cortec Corporation is currently one of the fastest growing manufacturers of corrosion inhibitors in the world, while many competitive companies are losing jobs due to environmental issues. According to the latest data from Fredonia Group, the world's leading market research company, global demand for corrosion inhibitors will reach US$7 billion. Organic corrosion inhibitor (including VpCI's) demand will account for nearly one third of the market, on a volume basis, and one half on basis of selling price by year 2020. Cortec was listed in the analyses among most elite inhibitor manufacturers in the world and it is the only one dedicated to research, development and global marketing.
While Cortec’s CEO Boris 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 centre 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 CortecCros 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.