July the 13th, 2024 – A massive 120 million euro Novi Marof investment is now finally close to completion, with the complex in question set to open in 2025.
As Ana Roksandic/Poslovni Dnevnik writes, Knauf Insulation Hrvatska has a very successful business year behind it, and they’re currently working on a huge 120 million euro Novi Marof investment. The investment in question is being poured into a brand new production line in their factory, which will be the first within the group to use electricity from renewable sources.
They ended the year with an impressive 98 million euros in revenue, of which 82 million was generated primarily on European markets. Their realised profit stood at more more than 14 million euros.
The Novi Marof investment itself is currently at an advanced stage of construction, with test work set to begin in the middle of next year. By the end of 2025, the first production will begin. This huge Novi Marof investment will significantly contribute to environmental protection by reducing greenhouse gas emissions by 80 percent.
This commendable change in technology will enable Knauf Insulation to achieve their ambitious environmental goals.
“We’re especially proud of last year’s business because we achieved record production capacities on all lines, which enabled us to increase our sales and achieve outstanding results. With revenues totalling 98 million euros, the majority of which was achieved on foreign markets, and profits of 14 million euros, we’ve confirmed that we are one of the leading companies. That isn’t the case only in Varaždin County and in the industry of production of building materials, aggregates and glass, but in the whole country,” stated Stjepan Mršić, director of Knauf Insulation Hrvatska.
the novi marof investment will boost the local economy
In addition to environmental benefits, this Novi Marof investment will also bring a significant socio-economic contribution to the local community, Mršić emphasised. By creating around 80 new jobs, Knauf Insulation Hrvatska will directly influence the improvement of living standards in Novi Marof and its surroundings.
According to company data, last year 61 percent of this company’s employees were from Novi Marof, and 28 percent from elsewhere across Varaždin County. They don’t have too many problems when it comes to finding workers, but when a large number of people are employed, as is currently planned, it’s a big undertake.
“We see that as our future challenge, because we have to build a line and it would be very bad if the line were there and then we didn’t have people working on it. Among other things, we have to train these people, so we have already started slowly with recruiting talent. This year we have to employ most of the people, especially for slightly more specific occupations”, explained Mršić.
sustainable business
Another key element of this Novi Marof investment is investing in the electrification of the area. Connecting Novi Marof to the 110 kV network will enable the electrification of the entire area of the city and neighbouring municipalities. This infrastructure project is a prerequisite for sustainable business and the transformation of the industry of the entire area. It also has county-wide significance.
“The challenge for the entire energy transition across the Republic of Croatia is that it is generally switched to electricity. It’s the only real alternative energy source to fossil fuels. Howeber, the network and infrastructure itself, not only in Croatia, but across the whole of Europe, doesn’t really follow what is desired,” said the director of Knauf Insulation Hrvatska.
continued investment
Mršić emphasised that it is very important to them that the majority of their workforce comes from Novi Marof and its surroundings, although he isn’t entirely rejecting the idea of hiring foreign workers either. “One of the sustainability strategies is diversity. As we work within the group, we aim to be multinational, but local people are equally important to us. They’re our best ambassadors,” he said.
In addition to this significant Novi Marof investment, many others have been completed or are currently in progress. One investment of approximately ten million euros in the production line for horticulture products stands out, which should also be realised by the end of 2025. The company announced that it will continue to invest in technologies which enable more efficient and environmentally friendly processes, and at the same time work to strengthen the local community by creating new jobs and infrastructure projects.
“This is only one part of our plans. Development and investment in our employees plays a key role in achieving our business goals, because we believe that human capital is the most important resource. Through continuous investment in professional development and other benefits of our employees, we’re working to create conditions for innovation and improvement across all aspects of our business”, Mršić concluded.
