Slovak Defense Company Co-Owned by Kvetikovci Family Wins Major State Contract After Years of Losses
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Way Industries, a defense manufacturer based in Krupina and co-owned by the Kvetikovci family, earned nearly two million euros in 2024 after years of operating at a loss. The company secured a massive 145-million-euro state contract to supply demining equipment, marking a dramatic turnaround for the firm. Despite the improved financial performance, Way Industries continues to carry substantial debts in unpaid taxes and social security contributions. The company had been the only Slovak defense industry firm struggling to benefit from increased military spending following Russia's invasion of Ukraine, making its recent success particularly notable in the context of Slovakia's expanding defense sector.