Elektrobit Group Oyj - JOT Automation Group Plc becomes a shareholder of Laxnet Automation AB
June 28, 2000
JOT Automation Group Plc becomes a shareholder of Laxnet Automation AB
JOT Automation Group Plc has purchased 10 % of the shares of the Swedish company Laxnet Automation AB. According to the shareholder agreement that was made, JOT Automation Group Plc has the option of purchasing all of Laxnet Automation AB's shares within one year.
Laxnet Automation AB, located near Kumla, is a cooperative network owned by six companies. It concentrates on production automation for the electronics industry, primarily as a supplier for Ericsson's mobile phone plant in Kumla. The company's net sales in 1999 came to about 107 million SEK and it employed 107 people.
'Being a shareholder in a network company strengthens JOT's market position in Sweden. Our goal is to develop Laxnet Automation AB into a strong supplier of production automation systems for Ericsson and contract manufacturers in Sweden,' says president Jorma Terentjeff.
JOT Automation Group specializes in manufacturing and marketing production automation for the electronics industry. The group has subsidiaries, partners and representatives in 13 countries. On March 31, 2000 the group employed 652 people and its net sales from January 1 to March 31, 2000 came to 33.4 million euros. The company's shares are listed on the Helsinki Exchanges.
Oulunsalo, June 28, 2000
JOT Automation Group Plc
The Board of Directors
Jorma Terentjeff
President, CEO
