On 14 October 2016, AS Harju Elekter signed a contract for the purchase of the real estate company Kiinteistö Oy Uutvallinkulma.
Following the transaction, the acquired company will trade under the name Harju Elekter Kiinteistöt Oy. Appointments to the Management Board include Andres Allikmäe (Chairman), and Tiit Atso (CFO of AS Harju Elekter) and Aron Kuhi-Thalfeldt (Head of Real Estate Dept of AS Harju Elekter) as Members. Simo Puustelli (Managing Director of Satmatic Oy) has been appointed CEO of the company. The contract price worked out to be 518,000 euros.
To date, the acquired company has been leasing 2,470 sq m of production premises to Finnkumu Oy, the Group’s Finnish company. 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, 5,185 sq m 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 is the leading MV/LV electrical and engineering devices producer in the Baltic countries as well as well-known and respected company in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%), Finnkumu Oy (100%) and Rifas UAB (100%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%), Estonian ultra-capacitors developer and manufacturer Skeleton Technologies Group OÜ (10%) and in the Finnish publicly listed company PKC Group Oyj (5%).