Harju Elekter’s Lithuanian subsidiary RIFAS UAB concluded a contract with construction company Panevezio Statybos Trestas AB for the expansion of its production facilities in Panevežys. The total cost of the contract is 2.4 million euros, and the contract includes an option for additional extension (800 sq.m). Construction will start after RIFAS will get permission for construction, within September 2018 latest. In 2019, after the completion of the construction work, the office and production area of the Lithuanian subsidiary will increase from 3,500 sq.m to 8,200 sq.m. The extension allows for significant increase of production capacity to provide products and solutions for our customers in shipbuilding and industry segments.
RIFAS UAB, AS Harju Elekter’s Lithuanian subsidiary, belongs to the Group since 2003. RIFAS provides contract manufacturing services delivering tailor made electrotechnical systems for marine and industrial system integrators.
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 nearly 750 specialists, and 6 months sales revenue of the Group was 59,8 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
