More than 20 years ago, Italian car parts manufacturer Calearo Antenne expanded abroad for the first time, choosing the western Slovak town of Samorin to build a factory. At the time, Volkswagen was the only automotive company operating in Slovakia, with few signs of the sector’s future boom in the country.
That boom did come, confirming the strategic value of the decision. Despite some setbacks, even the 2009 global financial crisis failed to derail the company’s growth. But in recent years, the situation changed dramatically – Calearo Slovakia has now closed, weighed down by mounting debt.
The company’s liabilities have exceeded EUR 14 million.
Founded in 1957, Calearo initially produced bicycle bells. In the 1960s, it shifted focus to car antennas, identifying a gap in the market. The company grew steadily over the following decades.
In 2002, Calearo chose Slovakia for its first international expansion, building a plant in Samorin. Proximity to car manufacturers in neighbouring countries played a key role in the decision, enabling the firm to supply components to Audi, PSA, Fiat and even Ferrari.
The 2009 financial crisis led to job cuts, with 69 out of 177 employees made redundant. Despite this, the company bounced back, increasing sales from EUR 13 million in 2013 to nearly EUR 31 million in 2021.
However, as of 2022 and 2023, sales began to decline. More critically, the company stopped turning a profit. Between 2020 and 2023, Calearo Slovakia posted cumulative losses exceeding EUR 3 million.
The financial difficulties weren’t limited to the Slovak subsidiary. The parent company in Italy also struggled, eventually being taken over at auction in late 2023 by another Italian automotive group, MTA.
MTA acquired patents, licences and both production sites – but chose to retain only the Italian plant.
MTA made efforts to save the Samorin factory, filing for restructuring in September 2024. However, creditors rejected the plan. In February, the court halted the restructuring process and declared the company bankrupt.
Creditors have since filed claims totalling EUR 14.4 million. The largest single claim – EUR 617,000 – was submitted by UniCredit Bank, which also filed additional claims worth EUR 1.3 million. UniCredit Leasing Slovakia filed claims worth EUR 813,000. The biggest creditor, however, is the parent company Calearo Antenne, which submitted over 900 claims amounting to almost EUR 12 million.
The Slovak branch also owes money to public institutions, including EUR 39,000 to state health insurer Vseobecna Zdravotna Poistovna, EUR 109,000 to Socialna Poistovna (social insurance agency) and EUR 15,000 to the Financial Administration.
There is a small glimmer of hope for creditors as assets in Slovakia have been valued at EUR 4.1 million, suggesting some portion of the debts may be recovered. (The Slovak Spectator)