Eltek concludes the earlier announced reorganization, with the merger of Eltek Valere into the corporate Eltek brand creating a single operational organization. The subsidiary Eltek Valere changes name to Eltek and the company launches new web pages.
This is a natural process in the wake of our divestment of Nera Networks to focus on the core business in power solution earlier this year. We believe the changes will further streamline the operations and make us even better positioned in the fight to attract customers, says CEO Colin Howe.
The reorganization was announced in September, when it was also announced that Howe took over the responsibilities as CEO of Eltek ASA. For all practical purposes the operations in the Eltek ASA and the subsidiary Eltek AS has now been gathered in one unit.
The operations and product lines that became part of the company through the acquisition of Valere Power in 2007 remain important parts of Eltek, in particular in the North-American markets.
Now we are all gathered under one, strong, global brand, something which strengthens our sales- and marketing efforts in the international market. Our vision and mission are still to be the greatest power in this industry and to strengthen our customers through delivering the best solutions and services on the market. We remain Always On, says Howe, who also refers to the companys new website on www.eltek.com.
The reorganization has not comprised Nera Telecommunications Ltd, which is 50.1 percent owned by Eltek and separately listed on the Singapore Stock Exchange.
About Eltek ASA
Eltek is a strategic technology partner within power conversion solutions across a variety of industries including telecom, rail and infrastructure, power generation and distribution, solar energy and electric vehicles. Through the 50.1 percent owned subsidiary Nera Telecommunications Ltd in Singapore the Company is also a regional supplier of transmission systems, satellite communications and infocomm systems. Eltek reported revenue of NOK 4 billion in 2010, and has close to 2,900 employees in more than 40 countries. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.