Estonian, 2012-12-03 14:17 CET (GLOBE NEWSWIRE) -- In addition to the existing 51% holding, AS Harju Elekter has acquired from a Lithuanian private individual a further 12% holding in its Lithuanian subsidiary UAB Rifas, resulting in an increase of the holding of AS Harju Elekter in the company to 63%. A contract was concluded on 30 November 2012, and the transaction will close on 5 December 2012. By agreement, neither party will be disclosing the value of the deal.
Founded in 1991, UAB Rifas’ main business is the manufacture and distribution of automated industrial equipment and of electricity distribution and transmission equipment. Rifas Group includes the manufacturing company Rifas UAB and its design subsidiary Automatikos Iranga UAB (51%). In 2011, UAB Rifas had a sales turnover of EUR 6 million, 32% of which was generated by sales outside Lithuania, and Rifas Group employed 67 people as at the end of the year.
AS Harju Elekter is a leading manufacturer of electrical equipment and materials in the Baltic Sea region. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%) and Rifas UAB (51%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia and the sales company Harju Elekter AB (90%) in Sweden. Harju Elekter has a holding in the affiliated company AS Draka Keila Cables (34%) and financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed company PKC Group Oyj (6.4%).
Andres Allikmäe
Managing Director
+372 674 7400