Helsinki-based highway equipment company Fortaco has acquired Rapp Zastava, a Serbian company providing winches and other solutions to the marine industry as it looks to increase its portfolio within the marine machines sector.
Construction equipment
The purchase adds 150 people to Fortaco's team at Zastava's modern factory in the Serbian village of Gruza.
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The deal will provide Fortaco and its customers a higher capacity for the steel fabrication and assembly businesses, while also helping expand its existing portfolio in the off-highway machine sector.
The group continued to go from strength-to-strength despite the issued presented by the coronavirus pandemic and is looking to expand its geographic presence.
Lars Hellberg, the president and CEO of Foraco, said: "On the back of the good performance during the difficult year, I am happy to announce Fortaco's expansion to Serbia by the acquisition of Rapp Zastava, which is aligned with our strategy to be the leading partner to the off-highway and marine equipment industries. I am [particularly] impressed with [its] experienced team, good infrastructure and great products.
"The factory is modern with further expansion opportunities. I am convinced we can provide our customers with increased value in steel fabrications and assemblies."
Aleksandar Djordjevic, the managing director of Rapp Zastava, said: “We are very happy to join Fortaco Group and looking forward to start interacting with Fortaco's people and with its current and future customers.
"Rapp Zastava has long traditions in the steel fabrication and assembly business. The availability of skilled people in such a niche area is good. I am sure we are well-positioned to grow our business significantly and expand our customer portfolio also into the off-highway sector."
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