The Pervanovo group, which comprises Bjelin Industries from Croatia and Välinge Group from Sweden, has signed through its daughter company Välinge Croatia a contract on the acquisition of a controlling interest in the Croatian Spin Valis furniture manufacturer.

The transaction is to be finalised following approval from the Market Competition Agency (AZTN), the Swedish group said on Monday without disclosing the value of the transaction.

Spin Valis is one of the leading Croatian manufacturers of solid wood furniture, with a long tradition, whose product line also includes wood briquettes and electricity and heat, produced from biomass and solar energy. The company, based in Pozega, has 420 employees, and the Pervanovo group expects its successful integration in the group.