| Elcoteq Sells Lohja Plant |
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| Written by Mike Buetow | |||
| Friday, 12 October 2007 09:23 | |||
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LOHJA, FINLAND — An Elcoteq subsidiary today signed a deal to sell its manufacturing facility here to Sponda Kiinteistörahasto for 6.3 million euros. The transaction will be executed as a real estate deal, with ownership being transferred from the subsidiary, Kiinteistö Oy Piiharju, to Sponda by Oct. 31. Early in the year, Elcoteq decided to close the 8,500 sq. meter plant and transfer production to its other locations. Production at the plant ceased at the end of June. Previously, Elcoteq had struck a deal to sell the site to the city of Lohja. That agreement was canceled when a municipal appeal against the move was filed against the Lohja City Council.
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