Espoo, Finland, 2016-10-10 16:40 CEST (GLOBE NEWSWIRE) --
EFORE PLC Stock Exchange Release October 10, 2016 at 5.40 p.m.
Efore Plc has closed the master supply and asset agreements with Wuxi Hodgen Technology Co Ltd (Hodgen) as well as the selling process related to outsourcing of manufacturing and manufacturing support functions at the Suzhou plant in China. The stock exchange release concerning the master supply and asset agreements with Wuxi Hodgen Technology as well as the selling process related to outsourcing of manufacturing and manufacturing support functions at the Suzhou plant in China was published on August 31, 2016
Hodgen will continue activities in Efore’s current production facility in Suzhou so far. Efore will remain responsible for the quality of the delivered products as well as for the NPI (New Product Introduction) process.
This arrangement is a key part of Efore’s strategy and will allow Efore to become a company focused on the product development of demanding power products. At the same time the outsourcing will significantly reduce operational costs.
EFORE PLC
Jorma Wiitakorpi
President and CEO
For further information please contact Mr. Jorma Wiitakorpi, President and CEO, on October 10, 2016 tel. +358 40 175 8510
DISTRIBUTION
Nasdaq Helsinki Oy
Principal media
Efore Group is an international company which develops and produces demanding power products. Efore's head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2015, consolidated net sales totalled EUR 89,9 million and the Group's personnel averaged 887. The company's share is quoted on the Nasdaq Helsinki Ltd.www.efore.com