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Friday 31 October, 2014

Eltek ASA

Eltek ASA: Eltek to evaluate strategic options

Eltek ASA: Eltek to evaluate strategic options

Drammen, 31 October 2014: The Board of Directors of Eltek ASA ("Eltek") is currently evaluating strategic options for the future development of Eltek, including a potential sale of the company.  

The strategic review is intended to further enhance Eltek's competitive position and to maximise shareholder value. Eltek has been in contact with certain parties with respect to this process.

Over recent years, Eltek has successfully completed a strategic realignment, including a series of divestments of non-core, under-performing businesses, reverting to Eltek's historical core business activities in power electronics and has significantly enhanced the financial profile of the company.

With its longstanding technological expertise, strong customer base, and attractive geographical footprint, Eltek is now set to further develop its strong market position in a growing but still fragmented market. Eltek's strong business outlook is supported by its growing industrial segment as well as its entry into new, high-growth areas such as datacenters.

It is the Board of Directors' opinion that Eltek is now well positioned to enter a new phase of value creation. 

The Board of Directors of Eltek has retained Citigroup Global Markets and Arctic Securities as financial advisors in connection with the strategic review.

For further information, please contact:

Erik Thorsen, chairman, Eltek, tel: +47 90 75 66 85

About Eltek:

Eltek is a strategic technology partner for power solutions. The company reported revenue of NOK 3.7 billion in 2013, and has approximately 2,400 employees and operations in almost 40 countries. The company focuses on power electronics markets, where it is one of the leaders in telecom power and a growing force within industrial applications. Eltek is also pursuing growth opportunities within the datacenter market. Eltek is listed on Oslo Stock Exchange (ELT:Oslo) and headquartered in Drammen, Norway.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eltek ASA via Globenewswire


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