Koncar and Siemens Energy have completed the formal steps to establish their joint venture, Koncar - Transformer Tanks (KTK), aimed at manufacturing transformer boilers in Croatia. The transaction grants Siemens Energy Holding B.V. a 40% stake, while Koncar retains a 60% majority ownership.

The venture will be based in Sesvetski Kraljevec, Croatia where a new production facility will be built. The plant is expected to manufacture approximately 160 transformer boilers annually and employ around 400 workers.

This partnership follows an agreement signed in July 2024 by Gordan Kolak, President of Koncar, and Tim Holt, a member of the global board of Siemens Energy. Earlier this year, the European Commission confirmed that the joint investment aligns with EU market regulations and the European Economic Area Agreement.

The move strengthens both companies' positions in the energy sector, combining Koncar’s expertise in transformer production with Siemens Energy’s global reach. The new factory is expected to enhance Europe’s energy infrastructure and drive innovation in transformer technology.