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PCB | March 16, 2007

Aspocomp buys its Chinese JV

Aspocomp Group Oyj has entered into an agreement with the Group's Taiwanese partner Chin-Poon Holdings to acquire its 49 percent minority interest in ACP Electronics Ltd, the Suzhou, China based joint venture of the two companies.
The net purchase price is EUR 37.8 million and the acquisition is expected to be finalized in March. The company published the related Board decision on March 15, 2007.

Since Aspocomp Group Oyj owns 51 percent of ACP Electronics, the net sales and result of the subsidiary have been consolidated into Aspocomp's figures starting 2001. The profit for the 2006 financial year attributable to minority interests, presented in the income statement of the Aspocomp Group, originates almost entirely from ACP Electronics. Resulting from the acquisition, the minority interest of the Chinese subsidiary will be eliminated from the Group's income statements and interests paid on the loan taken to finance the acquisition will enter into the Group's income statements.

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