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Electronics Production | June 11, 2006

Efore appoints Reijo Mäihäniemi CEO

At a meeting held on June 7, 2006 the Efore Plc Board of Directors elected Reijo Mäihäniemi President and CEO of Efore Plc. He succeeds Markku Hangasjärvi, who resigns from the service of Efore Plc at his own request.

Mr Hangasjärvi will continue to carry out special duties for the Efore Board of Directors up to December 7, 2006. Reijo Mäihäniemi, 58, is currently a member of the Efore Plc Board but will resign from this duty and from the membership of various committees on June 8, 2006 when he starts as President and CEO. He has previously held management positions in Tellabs Oy, Teleste Corporation and Nokia Oyj. He has a total of over 30 years of experience in operative business management in the industrial sectors of professional electronics. Efore Plc's financial performance improved in the early part of the year compared with the previous year. Net sales increased significantly. The Board expects net sales for the entire year to increase distinctly on the previous year and the operating profit and earnings per share to improve on the previous financial period. The Efore Plc Board believes that in this situation the appointment of Reijo Mäihäniemi as President and CEO will provide a good starting point for continuing to develop corporate operations, improve profitability, consolidate the company's strategic position and boost competitive edge in the medium term. "Efore operates in demanding sectors of professional electronics. Our customers expect rapid high-quality product development and cost-effective production. Reijo Mäihäniemi has proved his ability to manage and develop innovative global electronics operations together with demanding customers. Markku Hangasjärvi's contribution to the development of Efore and its business operations has been valuable and under his leadership the company has grown into a major actor in its field. Efore's Board wishes to thank Markku for his work and achievements in Efore", says Timo Syrjälä, Chairman of the Efore Plc Board. "During my period as President and CEO in 2001-2006, Efore has grown into one of the most important actors in the global power supply business. Efore has excellent prospects for continuing its profitable growth in the future," says Markku Hangasjärvi. "Efore's market position has grown substantially stronger, major inputs have been made in product development and its future prospects are favourable. In order to establish a foundation for business operations, the company must grow and continue to perform sufficiently well at the same time. New business initiatives will also be considered over the next few months in order to boost growth and further profitability improvement," says Efore Plc's President and CEO Reijo Mäihäniemi.
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