Slovenian electrotechnical products manufacturer Iskra plans to invest a total of 30 million euro ($32.1 million) to expand its capacities in Croatia and Bosnia and Herzegovina in 2023, local media reported on Monday.

The company plans to build a 15,000 sq m factory worth 15 million euro in Bosnia’s Laktasi which will employ some 500, Croatian business news provider Poslovni reported, citing Iskra owner Dusan Sesok.

The new electrical parts factory is expected to be completed by the end of 2023, Sesok said. Iskra already operates a factory in Laktasi, employing a hundred people.

Iskra also plans to invest 15 million euro in the construction of two new facilities and the expansion of the operations at its shipyard in Croatia’s Sibenik. At the same time, the Slovenian company is also in negotiations with several Croatian firms over a potential acquisition, Sesok said.

In 2021, Iskra acquired Croatian electric cable manufacturer Elka for an undisclosed sum.

Iskra provides intelligent industrial solutions and cutting-edge electrotechnical products. Iskra helps companies to improve existing applications and introduce new technologies in strategic business areas, according to information published on the company’s website.