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© mariusz szachowski dreamstime.com Electronics Production | September 23, 2014

Cencorp completes sale of electronics automation business

On 25 August 2014, Cencorp Corporation signed an agreement where FTTK Company Limited acquires a majority shareholding in Cencorp's electronics automation business.
Pursuant to the agreement between Cencorp and FTTK, Cencorp has transferred the company's electronics automation business into Cencorp Automation Oy ("Cencorp Automation"), a fully-owned subsidiary of Cencorp. Further, in accordance to the agreement signed earlier, FTTK has purchased 70 percent of the shares in Cencorp Automation for EUR 2.66 million payable in cash. The parties have confirmed that the conditions precedents to the Transaction have been fulfilled and thus the Transaction has been closed.

FTTK has an option to decide by 17 December 2014 whether it will use its option to purchase the remaining 30 percent of the shares in Cencorp Automation for EUR 1.14 million, payable in cash, added with a yearly interest of 10 percent until the purchase price has been paid. Should FTTK decide to exercise the aforesaid option, the company will pay the corresponding purchase price in twelve equal installments.

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