BALFIN Group has reached an agreement to transfer ownership of NewCo Ferronikeli L.L.C to Yildirim International Group, based in Turkey. The agreement was signed by representatives of both parties in early June 2022. This development will not affect the employees, or the investment plan launched by BALFIN Group, as the representatives of the Yildirim Group are also engaged in this regard.
Founded in 1984, NewCo Ferronikeli is the largest exporter in Kosovo and one of the most important actors in the country’s economy. With over 1,000 employees and over 2,000 others indirectly employed, NewCo Ferronikeli is also one of the largest employers in Kosovo. Additionally, this company is the largest consumer of energy in the country and the largest user of the railway network, to an extent of up to 80%.
NewCo Ferronikeli became part of BALFIN Group in July 2018. Found in a state of suspended activity with liabilities, as well as unpaid salaries of employees, BALFIN Group intervened to improve the financial situation and began implementing a program of investments worth 30 million euros.
Yldirim Group has expressed its readiness to follow the investments of BALFIN Group. The Turkish conglomerate has stated that with its business plan, it will turn NewCo Ferronikeli into one of its most valuable and best nickel companies in Europe.