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Harju Elekter buys Finnish real estate owner for EUR 518,000

BC, Tallinn, 17.10.2016.Print version
The listed Estonian electrical equipment maker Harju Elekter last week acquired Kiinteisto Oy Uutvallinkulma, lessor of premises to its Finnish subsidiary Finnkumu, for 518,000 euros, reports LETA/BNS.

The transaction was concluded on Friday and the acquired company will be named Harju Elekter Kiinteistot Oy, Harju Elekter told the stock exchange.


The acquired company has been leasing 2,470 square meters of production space to Finnkumu Oy, subsidiary of Harju Elekter in Finland. The plan for the immediate future is to consolidate under the acquired real estate company also the production premises used by Satmatic Oy at Kerava and Ulvila, made up of 5,185 square meters in total.


This activity is consistent with the policy of the group, whereby any production premises used by companies in the group are owned by the group.


Harju Elekter Group is made up of manufacturers of electrical equipment in Estonia, Finland and Lithuania. The group's revenue last year totaled 60.7 mln euros, 19.9% more than in 2014, and its operating profit grew 47% year over year to 3.3 mln euros.

 






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