Merger and division of the Group’s Finnish subsidiaries

05.01.2021 Harju Elekter Finland Market Announcements

The Finnish subsidiary of Harju Elekter Group, Satmatic Oy (the acquiring company), merged its 100% subsidiaries Finnkumu Oy and Kiinteistö Oy Ulvila Sammontie 9 (the companies being acquired). As a result of the merger, the legal successor of Finnkumu Oy and Kiinteistöt Oy Ulvila Sammontie 9 is Satmatic Oy. Jan Osa will continue as the CEO of Satmatic Oy. In the Management Board, Simo Puustelli will continue as the Chairman, Tiit Atso as the Vice-Chairman, and Endel Palla and Andres Allikmäe as the Members.

After the merger, a partial division of Satmatic Oy was carried out, whereby Satmatic Oy transferred the real estate holdings in Ulvila and Kerava to Harju Elekter Kiinteistöt Oy. The main activity of Harju Elekter Kiinteistöt Oy is the management of industrial real estate belonging to the Group. The Management Board of the company includes chairman Aron Kuhi-Thalfeldt, members Tiit Atso, and Andres Allikmäe, and Simo Puustelli acts as the CEO.

The merger and division were carried out in accordance with the current legislation of Finland and entered in the Finnish Commercial Register on 31 December 2020. The transactions are intra-group and do not have a significant effect on the consolidated financial results of the Group.

The merger and division of the Finnish subsidiaries is related to the Group’s decision to simplify its structure and the coordination of sales and marketing, as well as to separate real estate management from production activities. As a result of the changes, the details of the contact persons will not change, and the scope of the products and services offered by the Group will rather expand in Finland compared to the past.

Harju Elekter is an international industrial group with more than 50 years of experience, with its main activity being the development and production of electrical and automation solutions. The main activity is supported by the sheet metal production factory in Estonia, as well as the development and leasing of industrial real estate. The customers of Harju Elekter are predominantly large distribution network, industrial, and maritime companies in the Nordic countries. The factories in Estonia, Finland, Sweden, and Lithuania employ approximately 800 specialists, and the Group’s sales revenue for the first nine months of 2020 was 111.4 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Management Board
Phone +372 674 7400

Additional information:
Jan Osa, CEO of Satmatic Oy; phone +358 40 561 6669

 

Prepared by:
Marit Tack
Corporate Communications Manager
Phone +372 671 2761
Email: marit.tack@harjuelekter.com

Recent news

23.02.2021 Harju Elekter Group financial results, 1-12/2020 Read more... 11.02.2021 Harju Elekter to conclude an important agreement in Sweden Read more... 08.02.2021 AS Harju Elekter comments on trading activity of its stock Read more... 20.01.2021 Harju Elekter Group concluded an agreement with Finland’s largest distribution network company Read more... 15.01.2021 Harju Elekter Group’s Finnish subsidiary’s name was changed Read more... 01.01.2020 Archive Read more... 17.12.2020 Publication of Financial Reports in 2021 Read more... 16.12.2020 Changes in the Swedish subsidiaries of Harju Elekter Group Read more... 02.11.2020 The merger of Swedish subsidiaries of Harju Elekter Group was entered into the commercial register Read more... 28.10.2020 Harju Elekter Group financial results, 1-9/2020 Read more... 22.09.2020 Harju Elekter Group concluded an agreement with Finland’s second largest electricity distribution system operator Read more... 21.09.2020 Harju Elekter’s Swedish subsidiary signed a contract related to the upgrading of the Slussen metro station’s electrical substation in Stockholm Read more... 01.09.2020 Harju Elekter Group won an important tender in Finland Read more... 29.07.2020 Harju Elekter Group financial results, 1-6/2020 Read more... 22.07.2020 Harju Elekter invests up to 6 million euros in factory expansion of the Lithuanian subsidiary Read more... 09.07.2020 Dividend payment ex-date of Harju Elekter Read more... 30.06.2020 AGM decisions Read more... 03.06.2020 Harju Elekter notice of the AGM Read more... 30.04.2020 Harju Elekter will merge its Swedish subsidiaries Read more... 29.04.2020 Harju Elekter Group financial results, 1-3/2020 Read more... 27.03.2020 Audited annual report 2019 Read more... 17.03.2020 Appointment of the Chairman of the Management Board Read more... 21.02.2020 Harju Elekter Group financial results, 1-12/2019 Read more... 29.01.2020 Harju Elekter merges Finnish subsidiaries Read more... 20.12.2019 Publication of financial reports in 2020 Read more... 10.12.2019 Regarding changes in the management of Harju Elekter Read more... 09.12.2019 Harju Elekter won Elektrilevi tender Read more... 05.11.2019 Large order received by Harju Elekter’s subsidiary Read more... 31.10.2019 Harju Elekter Group financial results, 1-9/2019 Read more... 30.10.2019 Extension of the powers of Members of the Management Board of Harju Elekter Read more... 19.09.2019 Harju Elekter Lithuanian subsidiary opened new production facilities Read more... 03.09.2019 Changes to the governing bodies of Swedish subsidiaries of Harju Elekter Read more... 03.09.2019 Changes to the governing body of Harju Elekter’s Finnish subsidiary Read more... 02.09.2019 The subsidiary of Harju Elekter bought a real estate company in Finland Read more... 31.07.2019 Harju Elekter Group financial results, 1-6/2019 Read more... 04.07.2019 Harju Elekter brings subsidiaries under a joint trademark Read more... 13.05.2019 Dividend payment ex-date of Harju Elekter Read more... 02.05.2019 Harju Elekter Group financial results, 1-3/2019 Read more... 02.05.2019 AGM decisions Read more... 04.04.2019 Change in AS Harju Elekter subsidiary’s Management Board Read more... 03.04.2019 Harju Elekter notice of the AGM Read more... 02.04.2019 Audited annual report 2018 Read more... 27.02.2019 Harju Elekter Group financial results, 1-12/2018 Read more... 10.01.2019 Changes to the management boards of Harju Elekter’s subsidiaries Read more... 02.01.2019 Large order received by Harju Elekter’s subsidiary Read more... 21.12.2018 Publication of financial reports in 2019 Read more... 27.11.2018 Extension of delivery contract until 2020 Read more... 24.10.2018 Harju Elekter Group financial results, 1-9/2018 Read more... 06.09.2018 Harju Elekter raises its technology capacity Read more... 30.08.2018 Harju Elekter expands production capacity in Lithuania Read more... 25.07.2018 Harju Elekter Group financial results, 1-6/2018 Read more... 11.05.2018 Dividend payment ex-date of Harju Elekter Read more... 03.05.2018 AGM decisions Read more... 25.04.2018 Harju Elekter Group financial results, 1-3/2018 Read more... 04.04.2018 Audited annual report 2017 Read more... 20.03.2018 Harju Elekter Group won Elektrilevi tender Read more... 28.02.2018 Harju Elekter Group financial results, 1-12/2017 Read more... 09.02.2018 Harju Elekter Group won an important tender in Sweden Read more... 25.01.2018 Harju Elekter’s subsidiary won an important tender in Finland Read more... 05.01.2018 Changes to the management boards of Harju Elekter’s Finnish subsidiaries Read more... 21.12.2017 Publication of financial reports in 2018 Read more... 13.12.2017 Harju Elekter purchases SEBAB AB Read more... 13.12.2017 Correction: Harju Elekter purchases SEBAB AB Read more... 06.11.2017 Harju Elekter signed a Letter of Intent for the acquisition of all shares of SEBAB AB Read more... 27.10.2017 Changes in AS Harju Elekter subsidiary’s management board Read more... 25.10.2017 Harju Elekter Group financial results, 1-9/2017 Read more... 25.09.2017 Termination of the contract of service of the managing director of a subsidiary Read more... 11.09.2017 Commencement of negotiations Read more... 02.08.2017 Termination of the contract of service of the managing director of a subsidiary Read more... 26.07.2017 Harju Elekter Group financial results, 1-6/2017 Read more... 05.06.2017 Harju Elekter purchased Telesilta Oy Read more... 10.05.2017 Commencement of negotiations Read more... 04.05.2017 Extension of the authorisations of the Chairman of the Management Board Read more... 27.04.2017 AGM resolutions Read more... 26.04.2017 Harju Elekter Group financial results, 1-3/2017 Read more... 30.03.2017 Harju Elekter purchased a majority holding in Energo Veritas Read more... 28.03.2017 AS Harju Elekter notice of AGM Read more... 28.03.2017 Audited annual report 2016 Read more... 16.03.2017 AS Harju Elekter accepted a takeover bid for shares of PKC Group Plc Read more... 27.02.2017 Harju Elekter Group financial results, 1-12/2016 Read more... 20.01.2017 Motherson Sumi Systems made a takeover bid for shares of PKC Group Read more... 16.01.2017 The payment related to reduction of the share capital Read more... 13.01.2017 ADJUSTMENT: Large order received by Harju Elekter’s subsidiary Read more... 11.01.2017 Large order received by Harju Elekter’s subsidiary Read more... 28.12.2016 Publication of financial reports in 2017 Read more... 20.12.2016 Harju Elekter Group signed a large volume contract Read more... 27.10.2016 Harju Elekter Group financial results, 1-9/2016 Read more... 26.10.2016 Changes in the Management Board of AS Harju Elekter Read more... 21.10.2016 Harju Elekter laid the cornerstone for two new buildings in Allika Industrial Park Read more... 18.10.2016 Reduction of share capital was entered in the Commercial Register Read more... 14.10.2016 Harju Elekter acquired Finnish real estate company Kiinteistö Oy Uutvallinkulma Read more... 27.07.2016 Harju Elekter Group financial results, 1-6/2016 Read more... 28.04.2016 Harju Elekter Group financial results, 1-3/2016 Read more... 28.04.2016 Resolution of AGM Read more... 07.04.2016 CORRECTION: Notice of the AGM Read more... 06.04.2016 Audited annual report 2015 Read more... 06.04.2016 Notice of the AGM Read more... 05.04.2016 Restructuring of AS Harju Elekter subsidiaries in Estonia Read more... 26.02.2016 Harju Elekter – 50 years of experience in offering solutions for electricity distribution! Harju Elekter Group financial results, 1-12/2015 Read more... 22.12.2015 Publication of financial reports in 2016 Read more... 04.11.2015 Harju Elekter Group financial results, 1-9/2015 Read more... 08.08.2015 Harju Elekter Group financial results, 1-6/2015 Read more... 22.07.2015 Registration of the share capital increase in the Commercial Register Read more... 03.06.2015 AS Harju Elekter acquired a 10% holding in the ultracapacitors’ manufacturer Skeleton Technologies Group OÜ. Read more... 01.06.2015 Termination of the contract of service of the managing director of a subsidiary Read more... 14.05.2015 Resolutions of AGM Read more... 29.04.2015 Financial results, 1-3/2015 Read more... 24.04.2015 AS Harju Elekter acquired all of the shares of their Lithuanian subsidiary UAB Rifas Read more... 15.04.2015 AS Harju Elekter Supervisory Board approved audited annual report 2014 Read more... 14.04.2015 AS Harju Elekter notice of the annual general meeting Read more... 25.02.2015 Financial results, 1-12/2014 Read more... 29.12.2014 Publication of financial reports in 2015 Read more... 05.11.2014 Financial results, 1-9/2014 Read more... 06.08.2014 Financial results, 1-6/2014 Read more... 09.07.2014 AS Harju Elekter sold its holding in AS Draka Keila Cables Read more... 17.06.2014 Group’s Finnish subsidiary purchases Finnkumu Oy Read more... 10.06.2014 Purchase of Finnkumu Oy approved by Supervisory Board Read more... 08.05.2014 Notice on the decrease of an important holding Read more... 08.05.2014 Resolutions of AGM Read more... 06.05.2014 Financial results, 1-3/2014 Read more... 30.04.2014 Commencement of negotiations Read more... 17.04.2014 Audited annual report 2013 Read more... 16.04.2014 Resignation Application from a Member of the Supervisory Board Read more... 16.04.2014 Invitation, agenda and proposals to the AGM of shareholders Read more... 28.02.2014 AS Harju Elekter consolidated unaudited results for Q4 and 12 months 2013 Read more... 28.02.2014 Suspension of the activities of Swedish subsidiary Harju Elekter AB Read more... 02.01.2014 Publication of financial reports in 2014 Read more... 02.01.2014 Publication of financial reports in 2014 Read more... 06.11.2013 Financial results, 1-9/2013 Read more... 22.10.2013 The subsidiary of AS Harju Elekter signed a large volume contract Read more... 07.08.2013 Financial results, 1-6/2013 Read more... 09.05.2013 Resolutions of AGM Read more... 07.05.2013 Financial results, 1-3/2013 Read more... 10.04.2013 Invitation, agenda and proposals to the AGM of shareholders Read more... 27.02.2013 Financial results, 1-12/2012 Read more... 11.01.2013 Publication of financial reports in 2013 Read more...