On 28 June 2007, Kitron ASA ("Kitron") and EDC i Munkfors AB ("EDC"), headquartered in Sweden, entered into an agreement whereby Kitron would acquire inter alia EDC's subsidiary EDC Elsis UAB in Kaunas, Lithuania. The transaction has been completed and was effective as of 1 September 2007. EDC Elsis UAB, which will be renamed UAB Kitron Elsis ("Kitron Elsis") currently employs about 40 people and operates a manufacturing facility of about 2,000 sqm. Kitron plans to increase the manufacturing capacity at Kitron Elsis during the fourth quarter of 2007. The Kitron Elsis operation will become a part of the operation in UAB Kitron, which has about 310 employees in its nearby factory. By this acquisition, Kitron expands its customer portfolio and also obtains additional capacity to serve current customers' growth requirements.
7 September 2007
Kitron ASA
Contact persons Kitron ASA:
CEO Jørgen Bredesen, tel +47 48 25 25 84 and
CFO Erling Svela, tel +47 40 62 10 40
Kitron is one of Scandinavia's leading companies within development, industrialisation and production for the data/telecom, defence/marine, medical and other industries. The company is located in Norway, Sweden and Lithuania. Kitron had a revenue of about NOK 1,7 billion in 2006 and has more than 1,300 employees. See also www.kitron.com.