Kitron manufactures electronics for the market segments data/telecom, defence/marine, medical equipment and industrial purposes. The company has headquarters at Lysaker outside Oslo and factories in Røros and Arendal in Norway, in Sweden and in Lithuania. Kitron has approximately 1,200 employees.
"Kitron has good market prospects, a highly skilled workforce and leading technology. We plan to build on the accomplishments that have already been made, to render the company even more competitive in the international marketplace," said Bredesen, whose appointment as CEO is effective immediately.
"We are very pleased with the hiring of Jørgen Bredesen. Mr. Bredesen has international experience from large IT-companies and he is a highly competent leader," said Espen Wollebekk, Chairman of the board.
Improved operations in a solid quarter
Kitron has over a length of time implemented a programme of targeted marketing and restructuring measures, which results are now evident. The company reported a sales increase of NOK 53.5 million in this year's first quarter over first quarter 2005, which corresponds to a 14 per cent increase. The sales growth, along with cost reductions, has produced profits before tax of NOK 16.1 million. Sales have increased in all market segments.
For further information, contact:
Jørgen Bredesen, CEO: +47 482 52 584
Espen Wollebekk, Chairman of the Board: +47 930 55 505