Estonia, 2014-06-10 11:38 CEST (GLOBE NEWSWIRE) -- At their meeting on 10 June 2014, the supervisory board of AS Harju Elekter decided to approve the purchase of 100% of the shares in Finnkumu Oy, Finland’s largest producer of pre-fabricated substations, by Satmatic Oy, the Group’s subsidiary in Finland. The contract is due to be concluded on 17 June, whereupon Finnkumu Oy will become a wholly-owned subsidiary of Satmatic Oy. With the purchase of Finnkumu Oy, the Group will increase its market share in Finland and also elsewhere in Scandinavia and significantly expand its product range. The transaction is being financed by AS Harju Elekter; under the terms of the contract, its value will not be disclosed.
Finnkumu Oy is a leading Finnish enterprise involved in the planning, production and sale of electricity distribution devices, mainly pre-fabricated substations and distribution cabinets. In 2013, the company’s turnover amounted to EUR 10.4 (2012: 6.6) million and net profit EUR 1.25 (2012: 0.66) million euros.
Satmatic Oy is the leading producer of automated industrial equipment and the importer and distributor of the Group’s products in Finland. The company’s headquarters and plants are located in Ulvila and Kerava. In 2013, the enterprise’s turnover amounted to EUR 19.7 (2012: 21.3) million, and there are 76 employees working in the enterprise.
Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as well-known and respected in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%) and Rifas UAB (63%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has a holding in the affiliated company AS Draka Keila Cables (34%) and financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed company PKC Group Oyj (5%).
The transaction does not constitute a transaction between related parties within the meaning of NASDAQ OMX Tallinn’s Rules and Regulations.
Andres Allikmäe Managing Director/CEO +372 674 7400
Additional information: Andres Allikmäe, Managing Director of AS Harju Elekter; Endel Palla, Chairman of the Supervisory Board (+372 674 7400).
Prepared by: Moonika Vetevool Corporate communication and investor relations manager +372 671 2761
