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The new plant will be built directly next to Hanza's existing production plant for sheet metal production. The investment is financed with a combination of own funds and bank loans, Hanza Holding said in a press release.

Work on the new building will begin immediately and the opening is planned to take place during the first quarter of 2022. For complex assembly, Hanza currently uses smaller, rented premises that will be vacated. Hanza also intends to expand its stock of machinery in Tartu as well as the premises for the sheet metal business and has acquired land adjacent to the existing factory.

"The future requires regionalized manufacturing. With the new facility, we are ready for significantly increased volumes from both new and existing customers," said Emoke Sogenbits, CEO of Hanza's manufacturing cluster in the Baltics.

The CEO said that manufacturing in the cluster also reduces the carbon footprint through having both production and assembly in the same place.

Hanza, a precision engineering, electronics and assembly company founded in 2008, had sales in excess of two billion Swedish kronor (EUR 198 mln) in 2019. The company has production units in seven countries; Sweden, Finland, Germany, Estonia, Poland, the Czech Republic and China. Its clients include leading global manufacturers of equipment such as ABB, Epiroc, GE, Getinge, Oerlikon, Saab and Siemens.

In Estonia, the company has plants in Tartu and Narva.