Elcoteq SE
Press Release
March 29, 2007 at 12.30 pm (EET)
In its meeting on March 22, Elcoteq SE'S Annual General Meeting approved the Board of Director's proposal to transfer the company's domicile to Luxembourg. Elcoteq SE is the first European Company that transfers its domicile. Elcoteq SE's management marked this historic decision today in Luxemburg in the presence of the Minister of the Economy and Foreign Trade, Mr Jeannot Krecké, and of representatives from the Luxembourg Government and other collaborating partners.
The transfer of domicile is part of Elcoteq's globalization strategy with the aim to create an effective structural basis to ensure the continuous improvement of the company's competitiveness. Elcoteq also believes that the transfer will strengthen the company's European image. Luxembourg offers the company a central location and an effective legal and administrative environment. Following the transfer of domicile on January 1, 2008, strategic decisions will be taken at the company's juridical head office in Luxembourg, which also will be the principal location for meetings of the company's Board of Directors.
In his opening speech, Mr Antti Piippo, Chairman of the Board and Founder of Elcoteq SE thanked the Luxembourg Government and especially Minister Krecké as well as other partners for excellent collaboration during the process. "Key elements of Elcoteq's success have always been the ability to question, existing ways of thinking and the courage to be a pioneer, " said Mr Piippo and continued that Luxembourg was chosen as the new domicile because of its central location and efficient and business-friendly administration.
Minister Krecké welcomed the decision of Elcoteq to transfer its domicile to Luxembourg. "Elcoteq's choice shows that in the era of globalization even a small country such as Luxembourg can play an essential part in a company's global strategy", says Mr Krecké.
ELCOTEQ SE
Reeta Kaukiainen
Director, Communications and Investor Relations
More information:
Reeta Kaukiainen, Director, Communications and Investor Relations, tel. +358 50 522 0924 1742
About Elcoteq
Elcoteq SE is a leading electronics manufacturing services (EMS) company with original design manufacturing (ODM) capabilities in the communications technology field. Elcoteq provides global end-to-end solutions consisting of design, NPI, manufacturing, supply chain management, and after-sales services for the whole lifecycle of its customers' products. These products include terminal products such as mobile phones and set-top boxes as well as communications network equipment such as base-stations, tower-top amplifiers, and microwave systems. The company operates in 16 countries on four continents and employs about 23,000 people. Elcoteq's consolidated net sales for 2006 totaled 4.3 billion euros (over 5 billion USD). Elcoteq SE is listed on the Helsinki Stock Exchange. For more information, please visit www.elcoteq.com.