EB (Elektrobit Corporation) is Assessing the Possibility of Selling Its Properties in Oulunsalo and Oulu
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Elektrobit Group Plc.
Press release date: October 31, 2007
EB (Elektrobit Corporation) has decided, as a part of the actions to rationalize the company cost structure, to investigate the possibility of selling its properties in Oulunsalo and Oulu. The potential sale objects would be a property located on Automaatiotie in Oulunsalo as well as the properties located on Tutkijantie in Oulu. The possibility of a divestment is being assessed because property holding is not a part of EB's strategy or core business.
EB has the intention to lease back its current premises should the potential sale materialize. EB has mandated Catella Property Oy to investigate the possibility to sell the properties. No decision to sell the properties has been made, but the matter will be considered based on the outcome of the investigation.
EB's building in Oulunsalo has a total floor space of approximately 13,000 square meters, and those in Oulu have a total floor space of approximately 10,000 square meters. The total book value of these properties is about EUR 18.2 million. The financial effects of a possible sale and the agreement of replacement premises can only be assessed once an arrangement is carried out.
The current estimate is that the potential sale of the properties could be finalized by the end of the year 2007 or during the first quarter of 2008 at the latest.
EB, Elektrobit Corporation
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for automotive and wireless industries. The net sales for the year 2006 totalled MEUR 181.5. Elektrobit Corporation is listed on OMX Helsinki. www.elektrobit.com