Calearo Antenne produces antennas for cars. (source: PSD Gang/Pixabay)
More than 20 years ago, Italian car parts manufacturer Calearo Antenne expanded abroad for the first time, choosing the western Slovak town of Šamorín 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. Depiste 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.
According to Index magazine, the company’s liabilities have exceeded €14 million.
From growth to collapse
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 Šamorín. 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 €13 million in 2013 to nearly €31 million in 2021.
However, by 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 €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.
Restructuring fails, bankruptcy follows
MTA made efforts to save the Šamorín factory, filing for restructuring in September 2024. However, creditors rejected the plan. In February 2025, the court halted the restructuring process and declared the company bankrupt.
Creditors have since filed claims totalling €14.4 million. The largest single claim – €617,000 – was submitted by UniCredit Bank, which also filed additional claims worth €1.3 million. UniCredit Leasing Slovakia filed claims worth €813,000. The biggest creditor, however, is the parent company Calearo Antenne, which submitted over 900 claims amounting to almost €12 million.
The Slovak branch also owes money to public institutions, including €39,000 to state health insurer Všeobecná zdravotná poisťovňa, €109,000 to Sociálna poisťovňa (social insurance agency) and €15,000 to the Financial Administration.
There is a small glimmer of hope for creditors as assets in Slovakia have been valued at €4.1 million, suggesting some portion of the debts may be recovered.
