AJT Harju Electer AS acquisition (Estonian operations)
PKC Group Oyj signed on June 4, 2002 contract on purchasing the entire shares outstanding in AJT Harju Elekter AS, a wholly-owned subsidiary of AS Harju Elekter of Estonia.
The seller has manufactured wiring harness modules for commercial vehicles and telecommunications equipment as a supplier to PKC Group Oyj for over ten years. The wiring harness production, which was spun off into an independent company on 1 April 2002, provided at the time employment for 425 people at the Keila and Haapsalu units in Estonia.
Payment of the purchase price was divided between cash payment and in addition PKC Group Oyj directed a share issue in accordance with the decision of the extraordinary meeting of the company's shareholders on 25 June 2002.
The closing date was July 1, 2002.
AJT Harju Elekter ASīs current name is PKC Eesti AS.
Sale of Engi Oy
PKC Group Oyj signed on May 15, 2002 an agreement on selling all its shares in Engi Oy. The ownership of the company transferred in stages by 30 June 2002.
Engi Oy, which supplied software and embedded systems development services, was a fully owned subsidiary of PKC Group Oyj. In 2001 Engi Oy's annual net sales amounted to EUR 1.6 million and the average number of personnel was 18.