Restructuring of AS Harju Elekter subsidiaries in Estonia

05.04.2016 Market Announcements

At its 5 April 2016 meeting, the Supervisory Board of AS Harju Elekter decided to merge the metal factories of the Group’s Estonian subsidiaries – AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika, consolidating the sheet metal processing resources, capability and knowhow of the entire Group into AS Harju Elekter Teletehnika. The merger of factories will be realised over the course of 2016.

The aim of restructuring is to focus the operations of AS Harju Elekter Teletehnika as a manufacturer of competitively priced sheet metal products, both towards the Group’s companies as well as external customers, optimise costs and achieve more efficient use of resources. The outcome of restructuring is significant economy in terms of manufacturing as well as labour costs.

In connection with restructuring, changes were also made in the management bodies of AS Harju Elekter Teletehnika. Management Board of AS Harju Elekter Teletehnika will be expanded to include two members: former manager Urmas Paisnik will continue as a Management Board member; the supervisory board appointed Andre Koit as the second Management Board member, who, due to his appointment to the Management Board, was recalled from the Supervisory Board of the subsidiary on 5 April this year.

Andre Koit was born in 1969 and graduated from the Tallinn University of Technology Department of Machinery as a mechanical engineer. Andre Koit joined the Group in 1993, and has worked as the Chief Operating Officer since 1 January 2015. Starting from 5 April 2016, the composition of the Supervisory Board of AS Harju Elekter Teletehnika will be as follows: Chairman Endel Palla and members Andres Allikmäe, Tiit Atso, Kadri Kassmann, and Jan Osa (Managing Director of AS Harju Elekter Elektrotehnika) as a new member.

After the changes, AS Harju Elekter Teletehnika will focus on the manufacturing of sheet metal products and details for the electrical engineering and telecommunications sector, while also maintaining the production line for telecommunications products and fibre-optic cables.

AS Harju Elekter Elektrotehnika will continue in its current area of activity — the development, production and distribution of electrical equipment for the energy distribution, industrial and construction sectors.

Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic countries as well as well-known and respected company in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%), Finnkumu Oy (100%) and Rifas UAB (100%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%), Estonian ultra-capacitors developer and manufacturer Skeleton Technologies Group OÜ (10%) and in the Finnish publicly listed company PKC Group Oyj (5%).

Andres Allikmäe
Managing Director/CEO
+372 674 7400

 

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

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