The subsidiary of Harju Elekter bought a real estate company in Finland
Estonia, 2019-09-02 10:24 CEST --
On 30.08.2019, a purchase-sale agreement was signed in which Satmatic Oy, a subsidiary of Harju Elekter AS, bought the real estate company Kinnteistö Oy Ulvila Sammontie 9, owned by the Municipality of Ulvila. Transaction price was 2.0 million euros. In the course of the transaction, Satmatic Oy acquired an immovable of 0.86 ha with production surfaces on the property of 4,330 sq.m. The activity follows the principle according to which the production areas used by the Group companies belong to the Group's ownership.
The transaction was the conclusion of the contract signed on 17.11.2008 by Satmatic Oy, a subsidiary of Harju Elekter AS, and the Municipality of Ulvila, according to which Satmatic Oy was entitled to acquire Sammontie 9, Ulvila's property with a production building built there after a 10-year lease. Lease period started at 01.09.2009.
Harju Elekter Group is the leading manufacturer of medium and low-voltage electricity and automation equipment in the Baltics, and a well-known and recognised manufacturer in Scandinavia. The main business activity of Harju Elekter is the development, production and sales of equipment required for the distribution and transmission of electricity. The main business activity is supported by the sheet metal factory in Estonia, as well as the development and leasing of industrial real estate. A total of 800 specialists are employed in the Estonian, Finnish, Swedish and Lithuanian factories of Harju Elekter Group, with the Group’s sales revenue amounting to 120.8 million euros in 2018. Shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.
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