HARJU ELEKTER

ANNOUNCEMENT

 

SUBSIDIARY AS ELTEK WILL BECOME A SUPPLIER FOR USA COMPANY

 

After the agreement concluded between AS Eltek and APC Denmark A/S 

(subsidiary of American Power Conversion) took effect in February 

this year, Eltek will start supplying cases for UPS equipment to 

APC, the largest producer of UPS equipment in the world. The 

contractual volume of delivery will increase Eltek's turnover 

figure in year 2000 by more than 1.5 times, to EEK 35 million 

level.

 

Due to sharp increase in delivery volume the plant needs additional 

output capacities. AS Eltek Supervisory Board approved the 

investment plan for year 2000 at EEK 8 million, aimed for 

acquisition of fully automatic metal processing center. Parent 

company Harju Elekter will invest EEK 3.2 million from owners' 

equity to expand Eltek's production premises, and also guarantee 

Eltek's FIM 3 million loan from Finnish banks.

 

AS Eltek is a subsidiary of Harju Elekter since 1998. The company's 

core business is production of data communication and telephone 

network distribution cabinets and UPS-cases. The company's turnover 

in 1999 amounted to EEK 24 million (EEK 18.5 million in 1998), of 

which the exports accounted for 42%.

 

AS Harju Elekter and its subsidiaries and affiliated companies AS 

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

employ altogether 800 people, thus being the largest employer in 

Keila area.

 

 

Andres Allikmäe

Chairman of the Management Board

+372 67 47 400