Eltek signs global agreement with Siemens

(Drammen, September 12, 2014): Eltek has reached another important milestone by signing a global frame contract with Siemens.

"The global frame contract with Siemens completes our strategy of signing agreements with the world's leading infrastructure providers," said Lars Dousa, Executive Vice President Industrial at Eltek.

The contract is within the Industrial applications segment, where Eltek sees strong growth going forward, as the company leverages technology investments and economies of scale from the Telecom segment to penetrate certain parts of the industrial market.

"With companies like Siemens as a sales channel for our products and solutions, we get additional leverage when pushing our modern and efficient technology into conservative markets," said Dousa.

The contract will cover potential business within railway and power utility, which are among the industrial niches in which Eltek has specialized.

For further information:

Lars Dousa, Executive Vice President Industrial
+46 730 40 55 55
lars.dousa@eltek.com

Morten Schøyen, Chief Marketing Officer
+47 3220 3466
morten.schoyen@eltek.com

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