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2009-10-02 08:30:00 CEST 2009-10-02 08:31:56 CEST REGULATED INFORMATION Elcoteq - Company AnnouncementElcoteq Has Signed a Letter of Intent with VideoconElcoteq SE Stock Exchange Release October 2, 2009, at 9.30 am (EET) Elcoteq has signed a non-binding Letter of Intent with Videocon Industries Limited (Videocon), granting the authority to negotiate and finalize a potential Definitive Transaction Agreement (Agreement). Elcoteq's Board of Directors has given authorization to proceed with the due diligence and contract negotiations with Videocon. The parties are aiming at a rapid process to conclude the negotiations and sign the Agreement. The transaction is expected to close by the end of the year. The signing of the Agreement is subject to successful senior and subordinate debt restructuring and complete due diligence. The closing of the transaction will be subject to all the requisite and applicable regulatory, statutory and corporate approvals of both Videocon and Elcoteq. Elcoteq and Videocon will proceed with the negotiations regarding the debt restructuring as previously announced. About Videocon Videocon (www.videoconindustries.com) is a global industrial conglomerate based in Mumbai, India. It is listed at Bombay Stock Exchange (scrip code 511389). Videocon's key business areas are: consumer electronics, home appliances & compressor manufacturing; display industry and its components; colour picture tube glass and oil & gas. The group has annual sales of over USD 4 Billion and it employs approximately 25,000 persons worldwide. ELCOTEQ SE Minna Aila Director, Communications and Corporate Responsibility Further information: Jouni Hartikainen, President and CEO, tel. +358 10 413 11 Mikko Puolakka, CFO, tel. +358 10 413 1287 About Elcoteq Elcoteq SE is a leading electronics manufacturing services (EMS) company in the communications technology field. Elcoteq's global service offering covers the entire lifecycle of products, from product development to after-market services. By further combining mechanics expertise into its service offering, Elcoteq's vision is to be a leading integrated electronics manufacturing services (IEMS) company. Elcoteq provides global end-to-end solutions consisting of product development services, supply chain management, NPI, manufacturing, and after market services for the whole lifecycle of its customers' products. These products include Consumer Electronics products such as mobile and wireless phones, their parts and accessories, set-top boxes, flat panel TVs and other consumer products as well as System Solutions products such as wireless and wireline infrastructure systems and modules, enterprise network products and other industrial segment products. The Group's consolidated net sales for 2008 totaled 3.4 billion euros and it employs approximately 13,000 persons. Elcoteq SE is listed on the Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteq website at www.elcoteq.com. |
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