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© Elcoteq Electronics Production | October 24, 2011

Elcoteq's Tallinn plant waiting to be sold

News2biz has reported that Elcoteq Tallinn continues to operate despite the bankruptcy of the Luxembourg-registered and Helsinki-listed parent Elcoteq SE.
The CEO of Elcoteq Tallinn Jan Kotka said that the unit is profitable, continues to fulfill the customers' orders while waiting to be sold as an asset by receivers. According to Kotka, the company has orders for 12 months ahead.

"The situation is that our company is waiting to be put on sale," says Kotka. "There are a lot of activity on the background at the moment, assessments, etc., but we expect the sale decision to come in due cause".

"We cannot fulfill large-scale orders, though, due to the fact that we have to negotiate much with distributors. Most of them want advance payment, and some of them try to get some money, that our parent or some other enterprise from Elcoteq group owes them, from us," says Kotka.
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Source: baltic business news

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