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Electronics Production | June 07, 2007

Elcoteq in negotiations to sell<br>plant to city of Lohja

Elcoteq SE's subsidiary Elcoteq Lohja Oy and the City of Lohja are negotiating the sale of the real estate company Kiinteistö Oy Piiharju, including its manufacturing facility, to the City of Lohja.

The transaction price based on the debt-free value of the Kiinteist Oy Piiharju shares is approximately 6 million euros. Elcoteq will book a small gain on the sale. The gain will be entered in the company's third-quarter result. The sale requires the legally valid approval of Lohja City Council, which will discuss the matter at its meeting in mid-June. The City of Lohja intends to lease the manufacturing facility for industrial use. The Kiinteistö Oy Piiharju real estate company, owned by Elcoteq Lohja Oy, comprises land totaling roughly 28,000 square meters and a factory building with a floor space of approximately 8,500 square meters. Elcoteq has announced earlier this year that it will close the manufacturing plant by the end of August.
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