Elektrobit Group Oyj - JOT AUTOMATION GROUP PLC ESTABLISHED A JOINT VENTURE COMPANY IN ITALY
January 25, 1999
JOT AUTOMATION GROUP PLC ESTABLISHED A JOINT VENTURE COMPANY IN ITALY
JOT Automation Group Plc has finalized a company acquisition in which JOT Automation Group Plc bought 60 % of the shares of the Italian company MGZ JOT Automation Srl.
The company acquisition was announced on Oct. 27, 1998, when a preliminary agreement was signed.
MGZ JOT Automation Srl is a new company which took over the business activity of
Uno-A-Erre S.p.A's production automation unit in the beginning of January 1999. Uno-A-Erre S.p.A. will continue as a minority owner with 35 % of the shares. The management of the new company owns the remaining 5 %. Daniele Rapisarda was named president of MGZ JOT Automation Srl and Jorma Terentjeff was named chairman of the board. The company employs 20 people.
JOT Automation Group is specialized in the manufacturing and marketing of production automation for the electronics industry. The Group has subsidiaries in seven countries. The Group employed 414 people at 30 September, 1998 and the net sales during the first nine months in 1998 were FIM 250,8 million. The net sales in fiscal year 1997 were FIM 183 million. The company is listed in the Helsinki Stock Exchange.
Oulunsalo, January 25, 1999
JOT Automation Group Plc
The Board of Directors
Jorma Terentjeff
President, CEO
