On 2 June 2017, AS Harju Elekter signed a contract for the purchase of all shares in Telesilta Oy, an electrical engineering company specializing in electrical contracting for the shipbuilding industry. After the transaction, Telesilta Oy will continue to operate under its own name and brand as a wholly-owned subsidiary of the Group. The purchase will provide new knowledge and skills in manufacture and installation of the electrical and automation equipment for ships, and opens the door to the promising Finnish shipbuilding sector.
The transaction was completed on the date of signing, when monetary settlements were also made. According to the agreement and as the transaction is not significant according to the Stock Exchange Rules, the parties will not disclose the value of the transaction.
Simo Puustelli was appointed Chairman and Andres Allikmäe, Tiit Atso, Pertti Vuorinen and Kari Laulajainen were appointed as Members of the Management Board of Telesilta Oy. Kari Laulajainen will continue as a Managing Director of Telesilta Oy.
The financial indicators of Telesilta Oy will be included in consolidated reports of Harju Elekter as of 1 July 2017.
Telesilta Oy is an electrical engineering company established in 1978, located in Uusikaupunki, Finland. The company specializes in electrical contracting for the shipbuilding industry – everything from planning to installation, implementation and service. The annual sales revenue of the company was 4.5 million euros in 2016, and the company employs 30 people.
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 main 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 and Lithuania employ more than 500 specialists, and the annual sales revenue of the Group exceeds 60 million euros. Shares of Harju Elekter are listed on Nasdaq Tallinn.
This is not a transaction between related parties according to the Rules and Regulations of Nasdaq Tallinn.
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