Elcoteq Sells Manufacturing Facility in Lohja

Elcoteq SE                        Press release               October 12, 2007 at 2.00 pm (EET)  

 

ELCOTEQ SELLS MANUFACTURING FACILITY IN LOHJA

 

Kiinteistö Oy Piiharju, an Elcoteq SE Group company, is selling its manufacturing facility in Lohja, Finland. The buyer of the real estate is Sponda Kiinteistörahasto. The contract was signed today. The transaction price is 6.3 million euros. The transaction will be carried out as a sale of real estate, with ownership being transferred to Sponda by October 31, 2007, at the latest.

Elcoteq's prior deal with the city of Lohja was canceled when a municipal appeal was filed against the Lohja City Council's purchase decision. For this reason, Elcoteq began to immediately seek an alternative solution for the sale of the real estate.

 

Early in the year, Elcoteq decided to close its Lohja plant and transfer production to its other locations as part of the company's global action plan. Production at the plant was ended at the end of June. The plant has floor space of about 8,500 square meters and the land plot measures approximately 28,000 square meters.

 

ELCOTEQ SE

 

Tuula Hatakka

Senior Vice President, Treasury, Communications and Investor Relations

For more information:

Jukka Jäämaa, COO, tel. +49 173 345 5967