HARJU ELEKTER

ANNOUNCEMENT



SALE OF HOLDING IN GLAMOX HARJU ELEKTER



On 26.05.2000 AS Harju Elekter signed an agreement for sale of its 20% 

holding in AS Glamox Harju Elekter to Norwegian Glamox ASA. The company will 

continue to operate under business name Glamox HE, and is to be 100% owned 

by Norwegian Glamox group. 



Glamox HE was founded on 14.12.1992 on the basis of light fittings department 

of Harju Elekter. During 8 years the company developed the largest light 

fittings and electrical heaters production factory in the Baltic countries. 

Harju Elekter has fulfilled its strategic goals. With regard to the wishes of 

Glamox group and Glamox HE's financial results during the recent years, the 

companies reached an agreement for sale of 20% holding in Glamox HE, which is 

currently in the ownership of Harju Elekter. The two companies will continue 

close cooperation and Harju Elekter will continue to market the products of 

Glamox HE in the future.



The turnover of Glamox HE in year 1999 amounted to EEK 72.7 mln, incl. 

exports turnover EEK 25.7 mln. The forecasts for year 2000 anticipate EEK 137 

mln turnover. Glamox HE owns a factory in Keila with 6300 m2 of production 

premises, and a sales office in Tallinn. The company employs 95 people. 



Glamox ASA is a Norwegian light fittings producer. The group is the fifth 

largest light fittings producer in Europe, and owns subsidiaries in most 

European countries and Asia, USA and Canada. The group employs 1250 

people. The group's annual turnover is NOK 1.3 billion.



Harju Elekter group owns 100% subsidiary AS Eltek, and associated companies 

AS Keila Kaabel and AS Saajos Balti. Together with AS Harju Elekter 

electrical equipment and cable harnesses factories and trading group, the 

group is the largest electrical equipment producer group in the Baltic 

countries, employing 700 people.





Endel Palla

Chairman of Supervisory Board





Additional information: 

Endel Palla, AS Harju Elekter Chairman of Supervisory Board

(Tel +372 6 747 400, GSM +372 50 47785), 

Jaan Allem, AS Glamox HE Chairman of Management Board (Tel + 372 6672410, 

GSM + 372 50 35451) 

Morten Tųnseth, Glamox ASA (Tel + 47 22021100).





Lembit Libe

Chief Economist

+372 67 47 412