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Helsinki, Finland — Competition authorities have given their approval to the arrangement announced on February 27, 2004, whereby Elcoteq will divest its industrial electronics business activities.
The buyer is Enics AG, a new company formed by Ahlström Capital Oy and the former management of Elcoteq's industrial electronics business. Following the approvals by competition authorities, the transaction has now been closed according to the original plan. The financial implications of the transaction will take effect retroactively on April 1, 2004.
Elcoteq Network Corp. is one of the largest electronics manufacturing services (EMS) companies in the communications technology field. For more information, visit www.elcoteq.com.