Gevorkyan plans US and Mexican factories following €30 million IPO
September 15, 2023
Powder Metallurgy parts producer Gevorkyan a. s., headquartered in Vlkanová, Slovakia, reports that following last year’s successful IPO and listing on the Start Market, part of the Prague stock exchange, the company is planning further expansion and aims to establish new facilities in both the USA and Mexico in the coming months. Gevorkyan is also seeking listing on the other stock exchanges.
In June 2022, the Start Market IPO raised some €30 million for the company and these funds have been used to expand the facility in Vlkanová. This has included acquiring buildings adjacent to its existing site, increasing production capacity and purchasing new presses, furnaces, machining equipment and industrial robots. The facility now also boasts its own nitrogen and hydrogen generation.
Gevorkyan was established in Slovakia in 1996 by Artur Gevorkyan. Having moved from his native Armenia in the early 1990s, he first founded a Powder Metallurgy magnet plant in Ukraine before leaving the region and moving to Slovakia in 1996. The new business expanded its focus to a wider variety of PM, and today includes MIM, HIP and metal AM production. Over the years, Gevorkyan has gained a growing list of customers which now includes companies such as Linde, Komatsu and Siemens. It also cooperates with fashion brands such as Yves Saint Laurent and Versace, for which it produces metal clasps and decorations.
In 2022, Gevorkyan was the first foreign company to join the Czech Start Market. The exchange is aimed at small and medium-sized companies, and after a year of trading Gevorkyan is now looking to enter the main floor of the Prague Stock Exchange. The company is also in parallel negotiations with the Bratislava Stock Exchange.
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