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Electronics Production | January 02, 2006

Piippo optimistic about<br> Elcoteq's new corporate identity

Despite warnings Elcoteq's Chairman Antti Piippo is optimistic about Elcoteqs new corporate identity SE (Societas Europaea). “An SE is designed to work efficiently throughout Europe, and will create a European identity for the company”
Recently the Finnish EMS provider Elcoteq switched to another corporate identity. The European standard SE (Societas Europaea). Executives of other firms that have already made this move have warned of difficulties but Elcoteq's Chairman Mr. Antti Piippo is optimistic over the benefits with the new corporate identity. “The main reason for converting into an SE is to increase Elcoteq's global competitiveness,” said Antti Piippo, chairman of Elcoteq's board of directors to BBJ.hu. . “An SE is designed to work efficiently throughout Europe, and will create a European identity for the company”, he adds.

“Also, an SE can generate savings in administrative costs if a company's subsidiaries in different countries are merged with the parent company in a cross-border merger permitted by European Company statutes,” Piippo said. “The savings in administrative costs derive from the fact that it will no longer be necessary to arrange complex reporting procedures or set up several boards of directors. The SE thus avoids having to comply with complex and often overlapping regulations in different countries; the number of subsidiaries can be reduced considerably”, Piippo told BBJ.hu.

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