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Electronics Production | July 07, 2008

Elektrobit sells Oulunsalo property

EB and RL-Nordic Oy have today signed an agreement, under which EB sold the property located at Automaatiotie in Oulunsalo to RL-Nordic Oy.
The debt free purchase price for the sold property is €7.9 million. The cash consideration is about €2.1 million. In connection with the sale EB has committed to a three years lease-back contract on the sold property. EB's intention is to focus its own business operations to Oulu and lease the Oulunsalo property to third parties.

The property sales transaction will not lead to significant capital gains. As a consequence of the property sales EB will recognise a non-recurring income item of approximately €1.9 million in Q3/08. Simultaneously EB will book a provision for approximately the same expenditure related to the utilization rate of the leased Oulunsalo property. The cash-flow impact for the second half year of 2008 is estimated to be €1.8 million.

On October 31, 2007, EB announced as a part of actions to rationalize the company cost structure that it was assessing possibilities to sell its properties located in Oulu and Oulunsalo. On December 28, 2007, EB announced the sale of its property in Oulu.

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