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Estonia: Harju Elekter's Lithuanian subsidiary opens new production facility

BC, Tallinn, 19.09.2019.Print version
Harju Elekter UAB, Lithuanian subsidiary of listed Estonian electrical equipment maker AS Harju Elekter, is about to open a new production hall in the town of Panevezys on Thursday, writes LETA/BNS.

The project carried out over almost a year saw the subsidiary's office and production spaces increase from 3,500 square meters to 9,000 square meters. In addition, 1.9 hectares of land adjacent to the already existing properties was purchased in Lithuania in the second quarter to ensure the possibility of future expansion. The total size of the investment is 3.5 mln euros, Harju Elekter told the stock exchange.

It said that investments in the expansion of the production facility and upgrade of technology enable to add notable production capacity to secure supplies for the customers of the subsidiary in the segments of shipbuilding and industry.

The sales revenue of Harju Elekter UAB increased 85% y-on-y in 2018 to 14.7 mln euros. In addition, the introduction of new premises allows to increase the number of employees in the subsidiary, which as of June 30, 2019 was 213, 75 more than at the beginning of the year.

Originally established in 1968, Harju Elekter Group has evolved as a leading producer of medium and low voltage electrical and engineering devices in the Baltic countries and a well-known manufacturer in Scandinavia. Harju Elekter's main 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, Sweden and Lithuania employ a workforce of 800 people and their consolidated sales revenue of 2018 was 120.8 mln euros. Shares of Harju Elekter are listed on Nasdaq Tallinn. 

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