Elcoteq inaugurates new Russian plant

Elcoteq has been operating in St. Petersburg since 1997 and the company currently has approximately 290 employees there. Construction of the new plant started one year ago and the plant was completed on schedule in September 2005. The plant has a total floor area of roughly 15,000 square meters and when operating at full capacity it is expected to employ about 1,500 people. Production has already been moved from the old plant to the new site. Elcoteq has so far invested approximately MEUR 25 in the new manufacturing plant. This includes the land, the plant's construction and utilities as well as some machinery. The value of the machinery and equipment to be installed later in the plant will be determined based on the manufactured products, production volumes and schedules. "The new plant gives us the manufacturing capacity we need for the European market. St. Petersburg is also an outstanding location for research and development. The city's numerous technical universities and colleges provide a pool of skilled and motivated workers," commented Jouni Hartikainen, Elcoteq's President and CEO. The guests invited to attend the inauguration include officials and business partners from Finland and Russia, as well as customers and media representatives. In his inauguration address, Chairman of the Board Antti Piippo directed his thanks in particular to the City of St. Petersburg's administrators for their outstanding collaboration over the years and during the construction project itself. "We hope that we will continue to enjoy close co-operation in the future. Elcoteq wishes to be an example to other foreign companies and the Russian administration of how high-technology investments can be implemented in Russia," Antti Piippo said.