Summary of Proposed Investment
Project Number
7590
Company Name
Elcoteq Tallinn, A.S.
Date SPI Disclosed
Apr 23, 1996
Country
Estonia
Industry
Manufacturing
Status
Completed
Sector
Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniturization Technologies characterize this sector.)
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Jun 24, 1996
Signed : Sep 5, 1996
Invested : Oct 22, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Estonia-Elcoteq Expansion Project |
| Region | Europe |
| Sector |
Projected Board DateMay 23, 1996
Company NameElcoteq Tallinn A.S.
Technical Partner and/or Major Shareholders
Elcoteq Oy, Finland, 67%, technical partner and main shareholder; Elcoteq Tallinn is an integral part of the Elcoteq Network of Companies.
Finnfund, Finland, 33%, financial partner during the original project conception in 1992.
Project Cost Including proposed IFC investment
Total project cost $20 m on elements directly linked to expenses in Tallinn, indirect expenses in the network companies is another $20 m. Proposed IFC investment $6.5 m.
Location of project and Description of site
Elcoteq Oy, the leading electronics contract manufacturing company in Scandinavia,, proposes to expand the production capacity and product range in its electronics contract manufacturing facility in Tallinn, Estonia. The expansion will be made adjacent to the current manufacturing location, in an industrial area, close to the international airport of Tallinn, Estonia.
Description of Company and Purpose of Project
Elcoteq, Tallinn A.S. is a subsidiary of Elcoteq Oy, Finland, the leading contract manufacturing company in Scandinavia, and one of the largest employers in Tallinn. The proposed project will triple the capacity of the current facilities and double its employment to close to 2,000 people, making the factory the largest employer in Estonia as well as the largest exporter in the country. IFC will provide the investors the policy comfort and money to make such a large commitment in Estonia, where the economic future continues to be uncertain. IFC’s presence will allow the company to attract money from Scandinavian leasing companies at very advantageous rates.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure because specific impacts may result which can be avoided and mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The following are key environmental and occupational health and safety issues potentially associated with this project: existing operations, waste streams, management of solid and hazardous wastes, fire safety and occupational safety and health.
The is from the Public Information Center.
| Date SPI sent to PIC | April 23, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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