Harju Elekter Company Announcement 09.06.2010
AS Harju Elekter affiliated undertaking AS Draka Keila Cables opened a factory
extension
AS Draka Keila Cables, an affiliated undertaking of AS Harju Elekter and a
leading cable producer in the Baltic States opened a factory extension at the
end of last week. AS Harju Elekter invested in the Draka Keila Cables
production building and managed the construction work, as a result of which the
production premises leased out to AS Draka Keila Cables increased by 3,700 m2
to 12,300 m2 and the external warehouse to 18,700 m2.
Low-voltage and energy cables are produced on a total of 15 production lines,
two of which were added in the course of the expansion. The investments in
Draka Keila Cables totaled EEK 25 million, as a result of which the output of
the factory increased by 60%.
The turnover of Draka Keila Cables in 2009 amounted to EEK 399.43 million and
exports totaled EEK 283.97 million or 71% of total sales. The owners of the
company are the global leading cable group Draka Holding (66%) and AS Harju
Elekter (34%). The clients of Draka Keila Cables are electricity networks,
builders of electricity and television networks, industrial companies and
wholesalers of electricity products.
The company was founded in December 1992, the founders were Nokia Cables from
Finland (59%) and Estonian electro-technical company AS Harju Elekter (41%);
foreign investments exceeded USD 1 million, which according to the taxation
legislation applicable then granted the founded joint venture tax exemption for
three years and a tax incentive of 50% for three years. The production of power
and installation cables complying with European standards commenced on the
territory of AS Harju Elekter, following the complete renovation and
installation of modern production lines, in the spring of 1993. At the
inauguration of the factory, speeches were delivered by then Prime Minister of
Estonia Mart Laar and the Chairman of the Management Board of Nokia Jorma
Ollila. Cable production in Keila commenced in 1968, which AS Harju Elekter
deems to be the beginning of its activities.
Harju Elekter is the leading producer of electrical equipment and materials in
the Baltic States. Harju Elekter Group includes the manufacturers of electrical
equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika
(100%), Satmatic Oy (100%) and Rifas UAB (51%), also the producer of
telecommunications products AS Eltek (100%) and affiliated undertaking AS Draka
Keila Cables (34%). Harju Elekter also has financial investments in the Latvian
company selling electrical equipment SIA Energokomplekss (14%) and listed
Finnish company PKC Group Oyj (8%).
Andres Allikmäe
Chairman of the Management Board
Phone +372 674 7400
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