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Harju Elekter buys Finnish shipbuilding electrics co

BC, Tallinn, 05.06.2017.Print version
The listed Estonian electrical equipment maker Harju Elekter has entered the shipbuilding market and bought Telesilta Oy, a Finnish electrical contractor for the shipbuilding industry, writes LETA/BNS.

According to the contract which was signed last Friday, Telesilta Oy will continue operating under its name and trademark as a subsidiary of the group, Harju Elekter told the stock exchange.


The purchase of Telesilta Oy will provide Harju Elekter with new know-how and skills in manufacture and installation of electrical and automated equipment for ships as well as open the door to the promising Finnish shipbuilding sector.


The transaction entered into force 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 and regulations, the parties will not disclose the value of the transaction.


Simo Puustelli was appointed chairman and Andres Allikmae, Tiit Atso, Pertti Vuorinen and Kari Laulajainen were appointed as members of the management board of Telesilta Oy. Kari Laulajainen will continue as managing director of Telesilta Oy.


The financial indicators of Telesilta Oy will be included in consolidated reports of Harju Elekter as of July 1, 2017.


Located in Uusikaupunki, Finland, Telesilta Oy is an electrical engineering company established in 1978, which specializes in electrical contracting for the shipbuilding industry – from planning to installation, implementation and service. The annual sales revenue of the company was 4.5 mln euros in 2016, and the company employs 30 people.


Harju Elekter Group is a leading producer of medium and low voltage electrical and engineering devices in the Baltic countries. Its core field of business is the development, manufacture 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 and Lithuania employ a workforce of more than 500 and the annual sales revenue of the group exceeds 60 million euros. Harju Elekter shares are listed on Nasdaq Tallinn.






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