Harju Elekter
Purchase of Finnkumu Oy approved by Supervisory Board

Harju Elekter 

10.06.2014 11:38

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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
News Source: NASDAQ OMX



10.06.2014 DGAP's Distribution Services include Regulatory Announcements,
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Language:     English
Company:      Harju Elekter
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100004250
WKN:          
 
End of Announcement                             DGAP News-Service
 
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