Extension of delivery contract until 2020

27.11.2018 Harju Elekter Finland Market Announcements

Caruna, Finland’s largest distribution network company, approved the extension of the delivery contract (signed in 2016) for substations for a term of two years until 2020. The estimated total volume of the contract for next 2 years is 24 million euros.

The contract, concluded between Harju Elekter and Caruna on 19 December 2016, has significantly increased the manufacturing of substations in the Estonian and Finnish factories of the Harju Elekter Group. In addition to standard production, more than 1000 compact secondary substations are manufactured each year for the Caruna Group alone, which has resulted in an increase in the annual output of substations manufactured in factories here to more than 4000 substations.

The vigorous expansion of the Harju Elekter Group over the past few years in terms of the acquisition of business associations, entry into new markets and the ever-closer integration of subsidiaries increases the capacity of the Group to offer its customers more comprehensive technical-engineering solutions, turnkey projects and support services.

Caruna is the largest company in Finland dedicated to the transmission of electricity. Countrywide, Caruna holds a market share of about 20 per cent of local electricity transmission and provide electricity to 650,000 private and corporate customers in South, Southwest and West Finland, as well as in the city of Joensuu, the sub-region of Koillismaa and the Satakunta region.

After launching its activities in 1968, Harju Elekter Group has developed into a leading producer of MV/LV electrical and engineering devices in the Baltic countries and a well-known and respected manufacturer in Scandinavia. Harju Elekter’s main field of business is the development, manufacturing and sale of equipment necessary for the distribution and transmission of electric energy. The core business is supported by a sheet metal plant in Estonia and the development and leasing of industrial real estate. Harju Elekter Group’s plants in Estonia, Finland, Sweden and Lithuania employ 700 specialists, and 9 months sales revenue of the Group was 89.1 million euros. Shares of Harju Elekter are listed on Nasdaq Tallinn.

Andres Allikmäe
Chairman of the Board/CEO
+372 674 7400


Prepared by:
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761