Westergyllen is selling the Elektromekan i Årjäng AB subsidiary to Hanzas Elektronika SIA. The sale generates a capital gain for Westergyllen of about SEK 3 M and a cash contribution of about SEK 35 M. Takeover will occur on November 30, 2007.

Hanzas Elektronika is headquartered in Ogre, Latvia. One of the principal owners in Hanzas Elektronika is Åke Hörnell, through his company Hörnell Teknikinvest AB. Other owners are the private equity investor BaltCap Management as well as the company’s founder and managing director, Ilmars Osmanis. Hanzas Elektronika is Latvia’s largest EMS contractor and has two plants in the country.

“The sale of Elektromekan is a natural step in our process of creating a streamlined group, with focus on medical- and precision technology. At the same time, it has been important for us to find an owner that strengthens Elektromekan’s operations,” says Göran Brorsson, Managing Director and CEO of Westergyllen. “The combination of Hanzas Elektronika and...