BNS - The Estonian manufacturer of fiberoptical cables Baltronic OU signed an agreement with the Finnish company Onninen OY at the end of March to buy all of Onninen's shares in the Tallinn-based network components maker Teletekno Balti AS.
Rando Puss, chief of fiberoptics division at Baltronic OU, told BNS that the value of the deal will not be made public because of a confidentiality clause contained in the agreement.
Puss said the acquisition of Teletekno will expand Baltronic's product range and increase efficiency of the production unit.
Onninen decided on selling because manufacturing did not fit in with its strategy. Teletekno Balti AS continued operating under its own brand while owned by Onninen.
Baltronic and Onninen also signed a three-year cooperation agreement based on which they will continue their present cooperation.
Baltronic is a company of Baltronic Group OU of Estonia, which is headquartered in Tallinn and has subsidiaries in Riga and Vilnius. Baltronic posted sales of approximately 20 million euros for 2008.
The company owns a fiberoptical cable manufacturing unit in Tallinn onto whose premises also Teletekno Balti will move soon.