Slovenian industrial conglomerate Iskra has secured Croatian regulatory approval to acquire a majority stake in the 3. Maj Shipyard in Rijeka. The acquisition price was set at 6.7 million euros. The family-owned electronics and automation group plans to invest approximately 100 million euros in the shipyard in the short term, with a long-term investment target of around 200 million euros over the next two decades. 

Iskra already owns a shipyard in Šibenik, Croatia, and collaborates with Australian luxury yacht builder Scenic MKM Yachts. Once the largest shipyard in Croatia, 3. Maj has faced significant financial difficulties in recent years, culminating in bankruptcy last spring. Its annual revenues had declined to €18 million. 

Under the new ownership, the company aims to boost annual sales to €30 million in the coming years. The restructured shipyard will diversify its portfolio by expanding into defense contracts and developing vessels powered by sustainable propulsion technologies.