Czech company Elmo-Trade acquired a 50% stake in Plastika pipes, into which plastics maker Plastika Nitra (Juraj Široký) spun off pipe production at the end of last year. Pipes accounted for 60% of Plastika’s output; the rest is plastic parts for the automotive sector. Elmo-Trade previously only traded in pipes and used to compete with Plastika in supplying pipes for sewerage and waterworks projects in Slovakia and Czechia. Over the past ten years, Plastika’s output has fallen by 90% to last year’s 1,600 tons, its sales from €40m to €5m and it has accumulated €29m losses.
Široký has been shrinking his activities lately—he sold his Grand Hotel Belevue as well as IT firm bit-Studio.