Energy, Estonia, Lithuania, Markets and Companies

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 Panevezys. The extension allows for a significant increase in production capacity to provide products and solutions for the company's customers in shipbuilding and industry segments, Harju Elekter told the stock exchange.

Construction will start after RIFAS receives permission for construction, within September 2018 at the latest, and is expected to be concluded in 2019. The total cost of the contract is 2.4 mln euros, and the contract includes an option for an additional extension of 800 square meters.

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.

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 the sales revenue of the group in the first six months was 59.8 mln euros.