Elcoteq Has Signed a Letter of Intent with Videocon
(Thomson Reuters ONE) - Elcoteq SEStock Exchange ReleaseOctober 2, 2009, at 9.30 am (EET)Elcoteq has signed a non-binding Letter of Intent with VideoconIndustries Limited (Videocon), granting the authority to negotiateand finalize a potential Definitive Transaction Agreement(Agreement).Elcoteq's Board of Directors has given authorization to proceed withthe due diligence and contract negotiations with Videocon. Theparties are aiming at a rapid process to conclude the negotiationsand sign the Agreement. The transaction is expected to close by theend of the year. The signing of the Agreement is subject tosuccessful senior and subordinate debt restructuring and complete duediligence. The closing of the transaction will be subject to all therequisite and applicable regulatory, statutory and corporateapprovals of both Videocon and Elcoteq.Elcoteq and Videocon will proceed with the negotiations regarding thedebt restructuring as previously announced.About VideoconVideocon (www.videoconindustries.com) is a global industrialconglomerate based in Mumbai, India. It is listed at Bombay StockExchange (scrip code 511389). Videocon's key business areas are:consumer electronics, home appliances & compressor manufacturing;display industry and its components; colour picture tube glass andoil & gas. The group has annual sales of over USD 4 Billion and itemploys approximately 25,000 persons worldwide.ELCOTEQ SEMinna AilaDirector, Communications and Corporate ResponsibilityFurther information:Jouni Hartikainen, President and CEO, tel. +358 10 413 11Mikko Puolakka, CFO, tel. +358 10 413 1287About ElcoteqElcoteq SE is a leading electronics manufacturing services (EMS)company in the communications technology field. Elcoteq's globalservice offering covers the entire lifecycle of products, fromproduct development to after-market services. By further combiningmechanics expertise into its service offering, Elcoteq's vision is tobe a leading integrated electronics manufacturing services (IEMS)company.Elcoteq provides global end-to-end solutions consisting of productdevelopment services, supply chain management, NPI, manufacturing,and after market services for the whole lifecycle of its customers'products. These products include Consumer Electronics products suchas mobile and wireless phones, their parts and accessories, set-topboxes, flat panel TVs and other consumer products as well as SystemSolutions products such as wireless and wireline infrastructuresystems and modules, enterprise network products and other industrialsegment products.The Group's consolidated net sales for 2008 totaled 3.4 billion eurosand it employs approximately 13,000 persons. Elcoteq SE is listed onthe Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteqwebsite at www.elcoteq.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.10.2009 - 08:30 Uhr
Sprache: Deutsch
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