Etteplan strengthens its position in China by increasing its ownership up to 100 per cent of Etteplan Vataple Technology CentreBack to Releases
Released:8/2/2017 Category:Changes in company's own shares
ETTEPLAN OYJ, Stock Exchange Release, August 2, 2017, at 9.00 a.m.
Etteplan strengthens its position in China and acquires Etteplan Vataple Technology Centre, Ltd joint venture to its full ownership from Vataple Group.
Etteplan and Vataple started the joint venture in 2008 in Kunshan China. The joint venture offers design engineering and technical documentation services. In 2010 Etteplan increased its ownership from 40 per cent to 70 per cent. The now acquired 30 per cent will be paid with 35,000 Etteplan’s own shares and partly in cash. The shares will be handed over to the seller once the acquisition is registered in China, approximately in September 2017.
“The opening up of the Chinese service market presents growth opportunities for us. We opened new offices in Peking and Xi’an in spring 2017. The acquisition of the remaining part of our subsidiary in Kunshan is a natural step for the joint venture. The deal enables more efficient development of our operations and organization, says Juha Näkki, President and CEO of Etteplan.
Etteplan has operated in China since 2004. It has 5 offices in the country: in Beijing, Kunshan, Shanghai, Suzhou and Xi´an. Etteplan currently employs some 300 people in China, 200 of which are employed by Etteplan Vataple Technology Centre, Ltd.
For more information, please contact:
Juha Näkki, President and CEO, tel. +358 400 606 372
Outi Torniainen, SVP, Communications and Marketing, tel, +358 40 512 1375
Etteplan provides industrial equipment and plant engineering, embedded systems, IoT (Internet of Things), and technical documentation solutions to the world’s leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers' products and engineering processes throughout the product life cycle. The results of Etteplan’s innovative engineering can be seen in numerous industrial solutions and everyday products.
In 2016, Etteplan had a turnover of EUR 183.9 million. The company currently has more than 2,600 professionals in Finland, Sweden, the Netherlands, Germany, Poland and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. www.etteplan.com