Harju Elekter acquired a real estate company and is reorganising production in Sweden

HARJU ELEKTER AS

On 5 Oct 2021, AS Harju Elekter posted a inventory exchange launch in which it declared that Harju Elekter AB, a subsidiary of AS Harju Elekter, concluded an arrangement with LC Growth Fastigheter 101 AB, a subsidiary of Wästbygg Gruppen AB, in purchase to purchase 100% of the shares of LC Progress Fastigheter 17 AB. Harju Elekter resolved to obtain the serious estate business under Harju Elekter Companies AB rather of Harju Elekter AB, and on December 15, 2022, Harju Elekter Solutions AB concluded the transaction to acquire 100% of the shares of LC Growth Fastigheter 17 AB.

The ordered real estate business LC Growth Fastigheter 17 AB was designed exclusively for the construction of the Västerås manufacturing facility, in which the output requirements of Harju Elekter were taken into account in the design course of action. In the future, it is prepared to merge the ordered corporation with Harju Elekter Products and services AB, which benefits from the Group’s basic principle of retaining creation functions and true estate administration in different organizations. Aron Kuhi-Thalfeldt (chairman), Tiit Atso, Priit Treial, Tiit Luman and Erko Lepa had been appointed to the bought company’s Board and Mikael Schwartz Jonsson (Running Director of Harju Elekter AB) was appointed as Managing Director. The cost of the transaction was 10.5 million euros (SEK 115 million).

The inventory trade release of AS Harju Elekter, printed on 13 September 2021, announced that for leasing the setting up in Malmö, which will be finished by the stop of 2022, a lease arrangement was entered into with Nyfosa AB. As Nyfosa AB was unable to receive a making allow for the building of the setting up and no suitable rental premises could be observed in Malmö, AS Harju Elekter made a decision to move output from Malmö to the Group’s recently developed factory in Västerås and to the current manufacturing device in Keila in the very first 50 percent of 2023 for the reason of price tag effectiveness.

Harju Elekter is an global industrial team with extensive practical experience in delivering future proof answers for electrical ability distribution. We engineer, manufacture, and install electrification answers for utilities, industries, infrastructure, public and industrial structures. The entities of Harju Elekter Team in Estonia, Finland, Sweden, and Lithuania employ close to 900 men and women, and the Group’s 9-month revenue in 2022 was 125.3 million euros.

Tiit Atso
Chairman of the Management Board
+372 674 7400

Francis McGee

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