AS HARJU ELEKTER

ANNOUNCEMENT

11.10.99

 

 

AGREEMENT CONCLUDED BY CO-OPERATION PARTNER

 

PK Cables Oyj (Finland), the largest co-operation partner of AS Harju 

Elekter, became the exclusive supplier of cable harnesses to Scania in 

the world.

 

PK Cables Oyj (PKC) and its largest client Scania made an agreement, 

pursuant to which PKC will become the exclusive supplier of cable harnesses 

for Scania trucks and buses. AS Harju Elekter (HE) owns 10% stake in PKC, 

and is also its largest subcontractor. HE cable harnesses factory employs 

350 people, and almost 100% of the company's output is marketed through PKC.

 

Due to expected increase in the cable harnesses factory's output volumes 

AS Harju Elekter established a production unit in Haapsalu, investing 5.6 

million EEK in 1998 and 7.5 million EEK in 1999. In October the company will 

take into use 2000 m2 of additional production premises, and the number of 

employees in the company's Haapsalu branch will be increased to 130 people.

 

The turnover of cable harnesses factory accounted for 30% of AS Harju Elekter 

total turnover in 1998. AS Harju Elekter (incl. electrical equipment factory 

and cable harnesses factory), along with its subsidiaries and associated 

companies AS Eltek, AS Keila Kaabel, AS Saajos Balti and AS Glamox Harju 

Elekter, is the largest producer of electrical equipment in the Baltic countries, 

and employs more than 750 people.

 

PK Cables Oyj is an international company which makes cable harnesses and 

wiring systems to car and electronics industry. PK Cables group's turnover 

in 1998 amounted to 497 million FIM; in H1 1999 the group's turnover increased 

by 37% (on annual basis). PK Cables group employs more than 700 people in Finland, 

Brazil and Netherlands. 

 

 

Andres Allikmäe

Chairman of the Management Board

+372 67 47 400