Elektrobit Group Oyj - JOT AUTOMATION GROUP PLC BOUGHT 49 % OF THE SHARES OF FORMECA LTD
June 29, 1999
JOT AUTOMATION GROUP PLC BOUGHT 49 % OF THE SHARES OF FORMECA LTD
JOT Automation Group Plc bought 49 % of the shares of Formeca Ltd, a company in Lahti, Finland. 51 % of the Formeca Ltd's shares are owned by Pakenso Ltd, a member of the Stora Enso Group. According to the shareholders' agreement, JOT Automation Group Plc intends to expand its ownership to major shareholder in the future. A letter of intent concerning the transaction was announced May 5, 1999.
Formeca Ltd manufactures packing equipment. The company's net sales in 1998 came to about 13 million FIM, and it employed 22 people. Formeca Ltd's net sales are expected to triple this year.
Formeca Ltd's equipment shall be part of JOT Automation Group Plc's system for automated packing of final products. Formeca Ltd's equipment support JOT Automation Group's expansion of operation to become a supplier of automation for electronics industry product packing and stockroom logistics.
JOT Automation Group specializes in manufacturing and marketing production automation for the electronics industry. The group has subsidiaries in eight countries. On March 31, 1999 the group employed 502 people and its net sales from 1 st January to 31 st March 1999 totalled 27,6 million of euro. The company's shares are listed in the Helsinki Exchanges.
Oulunsalo, June 29, 1999
JOT Automation Group Plc, Board of director
Jorma Terentjeff, President, CEO
