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Elcoteq sells Tallinn manufacturing operations to concentrate on plant in Hungary

Finnish electronics maker Elcoteq said it signed an agreement to sell most of its manufacturing operations in Tallinn to wireless communications equipment maker Ericsson and would concentrate its European manufacturing in the Hungarian city of Pécs.

Elcoteq put the value of the transaction at about €30 million and said it would be closed by the end of July, pending approval by competition authorities.

Elcoteq said one big plant in Europe was enough to match current and short-term forecasted manufacturing volumes and high-volume manufacturing would be concentrated in Pécs. (MTI – Econews)