Croatia's 3. maj shipyard undergoes restructuring under new ownership
Croatian shipyard 3. maj is undergoing restructuring under Iskra Group to reverse operational losses, with management ruling out future state subsidies.
The Croatian shipyard 3. maj is undergoing organizational restructuring following its acquisition by the Iskra Group in March, aiming to end operational losses and secure long-term profitability.
According to Management Board President Roko Vuletić, the new ownership faced significant financial challenges, with monthly performance falling 30% to 40% short of contractual targets. The facility generated losses during its first six months under Iskra Group, primarily driven by overhead expenses.
Vuletić noted that restructuring efforts are underway to streamline processes and secure new contracts. He stressed that government bailouts are no longer available, stating that the shipyard "must stand on its own feet." Management aims to reverse financial trends by year-end.
Sources: HRT Vijesti