New Chapter for the former Minel Transformatori – German Giant SGB-SMIT Acquires Majority Stake in Serbia’s Comel

Belgrade-based company Comel and the German corporation SGB-SMIT Group, one of the world's leading manufacturers of power transformers, have signed a binding agreement for the acquisition of a majority stake in the COMEL Transformers factory in Ripanj.

This major corporate acquisition, representing one of the most significant inflows of foreign capital into Serbia's heavy electrical industry this year, was officially confirmed in a joint statement issued by the two companies and distributed to international industry publications.

The equipment manufactured in Ripanj constitutes key pillars of a country's electric power system. These are high-capacity oil-filled power transformers (with voltage levels of up to 220 kV) used in major substations, hydroelectric power plants, and industrial zones. Their primary role is to step up electrical voltage to extremely high levels so that electricity can travel hundreds of kilometers through transmission lines with minimal losses, and then step the voltage down to levels that are safe for local grids, cities, and factories.

Due to the massive construction of wind farms and solar power plants across Europe, demand for these devices is currently at a historic high, positioning the Serbian factory as an exceptionally important global resource.

Strategic Partnership for the European Market

According to the statement, the objective of this partnership is to dramatically expand the production network and manufacturing capacity in order to meet the demands of the energy transition. By combining resources, the German group plans to integrate its global engineering expertise, international sales network, and research and development (R&D) centers with the proven local expertise and manufacturing capabilities that COMEL Transformers possesses in Serbia.

The official closing of the transaction and the transfer of ownership are expected in the second half of the year, following the fulfillment of customary regulatory conditions and the receipt of approvals from the relevant competition authorities. Financial details remain confidential.

From Minel's Bankruptcy to German Investment

This agreement marks the culmination of the successful recovery of the factory in Ripanj. The facilities where these power engineering giants are manufactured today once belonged to the renowned Serbian holding company Minel, specifically its subsidiary Minel Transformers, which entered bankruptcy following unsuccessful privatization attempts.

Comel acquired the assets of Minel Transformatori out of bankruptcy at the end of 2013, after which it launched an extensive reconstruction of the production facilities.

B. Petrovic

Comel d.o.o. Beograd

COMEL TRANSFORMATORI D.O.O. BEOGRAD-RIPANJ

Minel Transformatori doo Ripanj

Comel

COMEL Transformers Ripanj

SGB-SMIT Group

minel

Minel Transformatori

acquisition

takeover

energy transformers