Cortec® Corporation Doubles Investments in Europe! New Acquisition in Croatia and Opening of New Markets

September 9, 2021

Company CorteCros®, part of Cortec® Corporation, acquired a new facility building in Split, Croatia, from CROSCO d.o.o., subsidiary of INA, a Croatian multinational oil company. CorteCros® is now 100% owner of the logistics and distribution center in Split. CorteCros' logistics and distribution center has recently expanded its production facility and storage capacity. Split is now Europe's main production and distribution point for Cortec®’s chemical corrosion protection products.

The patented VpCI® inhibitors under the license of Cortec® Corporation are one of the most widely used and renown corrosion protection products in the world. Cortec® Corporation has 10 production facilities around the globe with headquarters in St. Paul,MN. With this acquisition in Croatia, Cortec’s CEO and owner, Boris Miksic, doubled his business in Europe: “when we started to work on the construction and logistics of the center in Split, our goal was to position Croatia as the main strategic point in Europe for environmentally safe corrosion protection technologies. Five years later,
I can proudly say that we succeeded.” Our company is supplying three continents, Europe, Asia and USA from its facilities in Croatia. Capacities in
Croatia include: EcoCortec®, anticorrosion films and bioplastics plant located at the east of the country and logistics and production center near coastal town of Split. Company’s offices are located in Croatia’s capital, Zagreb. With this new expansion, Croatia became a strategic point of Cortec® Corporation and is now a central point for the production and distribution of Cortec’s solutions. Except for manufacturing and testing, CorteCros® provides integrated solutions and full technical support for Cortec's products and services. Companies in Cortec® Europe group are growing continuously; CorteCros® recorded 20 percent revenue growth during last pandemic year, while EcoCortec®’s revenue has increased 45 percent! Newly equipped ASTM and ISO certified laboratory is also located in the logistics center in Split. All Cortec® products are registered according to the REACH standard. CorteCros® also offers wide range of biotechnology solutions from Canadian company "Bionetix International". Bionetix produces biological products using variety of microorganisms and nutrients that are used in thousands of field applications worldwide and is also owned by Cortec Corporation.

“We are the main supplier of corrosion protection solutions for the world's largest car manufacturers: Mercedes, Volvo, Ford, Toyota and other important systems such as Bosch, IBM, General Electric, Caterpillar, Rolls Royce Group, Russian Railways, MOD, ExxonMobil, Airbus and
others. The pandemic, which unfortunately had devastating effects on the whole world did not affect our business, on the contrary, we achieved
growth in the past year, ”says Cortec’s CEO, Boris Miksic.

Plans for the future
Miksic has invested over 20 million Euros in Croatia so far and plans another expansion in the near future. “We will increase our capacities in Split and are planning to build new compounding and reprocessing plants next year, near existing EcoCortec facilities. One plant will produce Cortec's patented VpCI® corrosion protection additive, which will contribute to the self-sustainability of EcoCortec® while the other one will be a recycling plant. We are on excellent path of branding Croatia as a central point in this part of the world for green corrosion protection technologies, concludes Miksic."

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