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Ettevõte AS Harju Elekter Group
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Kategooria Muud korporatiivtoimingud
Avaldamise aeg 26 sept 2022 08:00:00 +0300
Keeleversioonid
Keel English
Valuuta
Pealkiri Intra-group restructuring and change in the Management Board of a subsidiary.
Tekst
In  order to harmonise management and  increase synergies, AS Harju Elekter will
continue  the  internal  restructuring  started  in  2020 and plans to merge its
plants in Estonia, whereby the production of AS Harju Elekter Elektrotehnika and
AS Harju Elekter Teletehnika will be merged into a single subsidiary. The merger
of  Harju Elekter  Elektrotehnika and  Harju Elekter  Teletehnika will allow for
significant  savings  in  both  production  and  labour costs, and for a gradual
transition to a company based on the LEAN principles.

The  assets,  rights  and  obligations  of  AS Harju Elekter Teletehnika will be
transferred  in their entirety  to AS Harju  Elekter Elektrotehnika. The merging
companies,  Harju  Elekter  Elektrotehnika  as  the  acquiring company and Harju
Elekter  Teletehnika  as  the  company  being  acquired,  are  both wholly-owned
subsidiaries  of Harju Elekter. The procedures necessary for the merger to enter
into  force are expected to be completed  during the first quarter of 2023. As a
result  of the merger, the company will continue to operate under the name of AS
Harju Elekter Elektrotehnika.

Based  on the above and in order to  ensure the smooth functioning of the merger
process,  Harju Elekter has decided to recall  Indrek Ulmas from his position on
the  Management Board of AS Harju  Elekter Elektrotehnika as of 3 October 2022,
and  to elect Alvar  Sass as a  new member of  the Management Board with term of
office  three years, until 2 October 2025. Until  the merger of the subsidiaries
is  entered in the commercial  register, Alvar Sass will  act as the CEO of both
Harju Elekter Elektrotehnika and Teletehnika.

Alvar  Sass (born 1985) has  been a Member  of the Management  Board of AS Harju
Elekter Teletehnika since 2017. Participation in management bodies of companies:
Member  of the  Management Board  of Radius  Space OÜ;  Member of the Management
Board  of Vientitec OÜ; Member of the Management Board of Justin Time OÜ; Member
of  the Supervisory Board  of the Harju  Entrepreneurship and Development Centre
Foundation. Alvar Sass owns 15,689 shares in Harju Elekter.

The  Supervisory Board of  AS Harju Elekter  Elektrotehnika will continue in its
current composition: Chairman Tiit Atso, Members Endel Palla and Tarmo Kikas.

Harju  Elekter is an  international industrial group  with more than 50 years of
experience  in  the  development  and  production  of  electrical and automation
equipment.  Part of the  technical solutions of  Harju Elekter are  aimed at the
renewable  energy  sector,  offering  complete  packages for solar power plants,
electric  vehicle charging devices,  and other related  solutions. The Estonian,
Finnish,  Swedish, and  Lithuanian factories  employ around  900 people, and the
Group's revenue for the first half of 2022 was EUR 79.2 million. Shares of Harju
Elekter are listed on the Nasdaq Tallinn Stock Exchange.


Tiit Atso
Chairman of the Management Board
+372 674 7400