Elektrobit Sells Business Activities to Embio
Elektrobit has sold its business activities in Kemi and Ylivieska, Finland, which form part of its Radio Network Solutions Business Unit, to Embio Oy. Forty-two employees have been transferred to Embio with corresponding terms of employment and the parties have agreed not to publish the purchase price or other agreement terms.
Following the transaction Elektrobit’s Radio Network Solutions Business Unit will focus its operations in the company’s existing, bigger sites. The transaction supports the company's strategy, defined in spring 2006, through which it focuses on its Wireless Communications Solutions and Automotive Software businesses.
Embio was founded in 2006 with the aim of providing electronics components design services to telecom and other electronics industries. In addition to further development of the acquired offices in Kemi and Ylivieska, the company plans to establish a design office in Oulu early in 2007, which will also be the location for the company's management and administration.