Eltek acquires EV Industrial

(Drammen, October 23, 2014): Eltek ASA has entered into an agreement to acquire Singapore-based EV Industrial Pte. Ltd.

EV Industrial is an engineering company providing power solutions for industrial customer throughout Southeast Asia. The company was originally spun off from Eltek, and the two companies have had a long-standing business relationship.

"This acquisition underpins our core strategy and focus on the power generation, railway and metro markets within our industrial segment. It also gives us a very important base for further development into the marine and offshore markets where we see significant growth opportunities in the Asia Pacific region," said Colin Howe, CEO of Eltek ASA.

EV Industrial is expected to have revenues of approximately NOK 25 million in 2014, with an EBIT margin of about 15 percent. Solid growth is expected in 2015.

The acquisition price is approximately NOK 19.5 million.

For further information:

Colin Howe, Chief Executive Officer,  +44 776  846 6446
Lars Dousa, Executive Vice President Industrial, +46 730 40 55 55

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 data center market. Eltek is listed on Oslo Stock  (ELT:Oslo) Exchange and headquartered in Drammen, Norway. http://www.eltek.com