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Beskrivning
| Land | Finland |
|---|---|
| Sektor | Tjänster |
| Industri | Industri |
EFORE PLC Stock Exchange Release November 28, 2019 at 15:15
Efore has completed Telecom divestment to Shenzhen Kexin Communication Ltd and is planning realignment of its debt financing
Efore has completed the divestment of the Telecom business to Chinese Shenzhen Kexin Communication Ltd on 28th November 2019. Share consideration is 3,5 million euros. Final consideration is subject to adjustment based on actual closing balance sheet. Company announced about the impacts of the transaction in the stock exchange announcement on 31st July.
Efore announced on 31st of July developing the new strategy under the project name ‘Efore 2.0’. Efore 2.0 will focus on the offering of digital power supply systems for industry and e.g. rail transport from Digital Power Systems business line and power supplies for among others test and measurement equipment, industrial measurement, healthcare and lighting solutions from Digital Power & Light business line. Together with the new strategy Efore is also planning the realignment of its debt by summer 2020. The target of the arrangement is to create adequate resources for execution of the strategy and optimize the use of capital.
CEO Vesa Leino comments: “We are very pleased to the divestment of the Telecom business to Kexin. Finding good solution for the Telecom business has required significant amount of resources and time. Completion of the Telecom divestment gives us good starting point for 2020 and enables the planning of Efore 2.0 from new ground. We will tell about Efore 2.0 plans in January 2020. Parallel to the completion of the Telecom divestment, we have started to prepare the realignment of the group debt financing. The target of the arrangement is to unify the group debt and improve the premises for new strategy execution and profitable growth.”
EFORE PLC
Vesa Leino
President and CEO
For further information please contact Vesa Leino, President and CEO, tel. +358 40 759 8956.
DISTRIBUTION
Nasdaq Helsinki Oy
Principal media
Efore Group is an international company that designs and manufactures power electronics products. The Group’s head office is based in Finland and its sales, marketing and R&D functions are located in Europe and China. The Group also has a sales and marketing unit in the United States. In the financial year ending 31 December 2018, consolidated net sales totalled EUR 52.4 million and the number of Group personnel averaged 406. The parent company's share is quoted on the Nasdaq Helsinki Ltd. www.efore.com