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Friday, 26.04.2024, 23:05
Estonia: Harju Elekter's Lithuanian subsidiary opens new production facility
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.