Efore has agreed upon new credit arrangement Espoo

Espoo, Finland, 2016-12-21 08:50 CET (GLOBE NEWSWIRE) -- EFORE PLC  Stock Exchange Release    December 21, 2016 at 9.50 a.m. Efore Plc continues implementing its strategy according to the plans and has agreed upon a new credit arrangement amounting to EUR 2 million for 6 months period. Jussi Capital Oy, which belongs to the related parties of the Company, has granted the loan. The credit arrangement has been conducted on market equivalent terms in line with the interests of the company from the company’s business perspective. Substantial one-time costs related to the actions ongoing from the planned cost savings program and the outsourcing of the production are estimated to be approximately EUR 5-6 million as announced on October 19, 2016. The new loan arrangement will ensure Efore’s financing of the one-time costs resulting from the structural changes. EFORE PLC Jorma Wiitakorpi President and CEO For further information please contact Mr. Jorma Wiitakorpi, President and CEO,  tel. +358 40 175 8510 on Dec. 21, 2016. DISTRIBUTION Nasdaq Helsinki Oy Principal media Efore Group is an international company which develops and produces demanding power products. Efore's head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2015, consolidated net sales totalled EUR 89,9 million and the Group's personnel averaged 887. The company's share is quoted on the Nasdaq Helsinki Ltd. www.efore.com