Spinea is doing well again
Spinea, a maker of high precision reduction gears for industrial robots, increased its net profit 11 times last year to €0.8m and its sales soared 40% to €31.1m. Jozef Jankulák sold his company in summer, after its financial performance improved, to the US Timken, a global bearing leader. In 2019-20, Spinea was hit by the slowdown in robotic car production and later by the pandemic. Its sales fell from €37m to €22m. Now, its production capacity is booked for 1.5 years. This year, it expects sales of €38m and further growth will come thanks to a new €80m plant, which will start full production in 2024. By then, the number of employees will rise to 850 from the current 540.