Elektrobit Sold to Embio its Business Activities in Kemi and Ylivieska, Finland |
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Elektrobit Group Plc.
Automaatiotie 1
Oulunsalo, FIN-90460
Finland
Press release date: December 29, 2006
Elektrobit and Embio signed an agreement on December 29, 2006, according to which Elektrobit's business activities in Kemi and Ylivieska were transferred to Embio on December 29, 2006. In context, 42 employees were transferred to Embio with corresponding terms of employment. The parties have agreed not to publish the purchase price or other agreement terms.
The activities in Kemi and Ylivieska have been a part of the Radio Network Solutions Business Unit. By the transaction the Business Unit will focus its operations in the bigger, already existing sites. The transaction supports Elektrobit's new strategy, defined in the spring 2006, according to which the company focuses on the Wireless Communications Solutions business and the Automotive Software business.
Oulunsalo, January 2, 2007 Elektrobit Group Plc. Pertti Korhonen CEO FURTHER INFORMATION: Kauko Vainamo Director, Radio Network Solutions Business Unit Elektrobit Group Plc. Tel. +358 40 344 3567
About Elektrobit Elektrobit is a Technology Company specialized in embedded software and hardware solutions for selected automotive and wireless environments. Elektrobit delivers software systems and navigation solutions for cars, advanced reference design terminals, IP radio base station modules, as well as R&D services and testing, material handling and process automation equipment for the electronics industry and teleoperators. Elektrobit employs some 2,000 professionals in 13 countries. The net sales for the year 2005 totalled MEUR 212.5. Elektrobit Group Plc. is listed on OMX Helsinki. www.elektrobit.com About Embio Embio Oy is in 2006 founded company, whose business idea is to provide electronics components design services to telecom and other electronics industries. In addition to further development of the acquired offices in Kemi and Ylivieska, Embio plans to establish in the beginning of 2007 a design office in Oulu, which will also be the location for the company's management and administration
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