Hanza acquires the EMS provider Elektromekan

The acquisition is conditional on creditors’ acceptance of composition plan. New President of Elektromekan will be Ms. Gerd Levin-Nygren, former President of Note Torsby. Hanza has signed an agreement to acquire one of Sweden's largest electronics manufacturers: Elektromekan in Årjäng. The plant is a perfect match with Hanza’s business concept with know-how centres in Sweden and volume production abroad. "Elektromekan has an excellent reputation for its advanced electronics manufacturing and skilled technicians. Hence, it is a good supplement to Hanza Industrial Plants." says Erik Stenfors, CEO Hanza. In October this year a reorganization of Elektromekan commenced. The reason was an immediate liquidity shortage as a result of the rapid slowdown in the economy. The purchase agreement is conditional on the current reorganisation being successfully ended. This, in turn, depends on the creditors’ acceptance of the debt composition plan. "We have had informal contacts with the creditors, and the majority have already confirmed that they will accept the composition proposal", says Peter Rimo, lawyer and by the district court appointed administrator. "It is in everyone's interest that the activity of Elektromekan continues, and with Hanza commitment to inject the capital needed to pay the composition, we look very positively on the ability to finish quickly complete this." Gerd Levin-Nygren has been appointed new President of Elektromekan. Gerd was the former the President of Note Torsby, and was in 2004 nominated “Manager of the Year” in Sweden. "It is a great opportunity to develop yet another electronics factory in Värmland", says Ms Levin-Nygren. "Elektromekan has an outstanding name in the electronics industry, and even during this difficult year the company has continued to attract new customers through its high level of competence." Sellers of Elektromekan is a Latvian company with a similar name; Hanzas Elektronika. Elektromekan sales this year is approximately MSEK 200, and the company will have approximately 70 employees after a notice executed during the reorganization carried out. Ms Levin-Nygren will take office on January 1, 2010.