Elcoteq to Open Manufacturing Operation in Manaus, Brazil.IRVING, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to -- Elcoteq Network Corporation, global provider of design and electronics manufacturing services Electronic manufacturing services (EMS) is term used for companies that design, test, manufacture, distribute and provide return/repair services for electronic component and assemblies for original equipment manufacturers (OEMs). (EMS) for the communications technology industry, will initiate manufacturing operations in Manaus, Brazil during autumn 2004. From this facility, Elcoteq's initial focus will be manufacturing and supply chain services for communications technology customers, with particular emphasis on the terminal products business. Elcoteq has established in Brazil a new wholly-owned subsidiary, Elcoteq da Amazonia Ltda. Production is expected to commence during the fourth quarter of this year. Elcoteq will initially operate in a rented space of 1,500 square meters. Elcoteq's Monterrey, Mexico manufacturing site will serve as the "sister site" to support the initial ramp-up of products. Elcoteq believes that a manufacturing presence in the emerging Latin American market is essential for supporting its present and potential customer base particularly in the rapid growth areas of mobile phone and consumer electronics products. The focus on Brazil, the largest Latin American market, is motivated also by local requirements for being competitive in the region and being close to the rapidly growing handset market. "Elcoteq has been studying various entry strategies for Brazil since 2000 and has had numerous discussions with both existing and potential customers to provide manufacturing services in Manaus," said Doug Brenner, president of Elcoteq Americas. "With growing product demand, we believe that now is the right time to position Elcoteq in Latin America for profitable growth, meet communications technology customers' requirements, and expand our global footprint. As the second largest EMS provider of mobile phones in the world, it makes sense for us to be in Brazil, the fastest growing Latin American market." Elcoteq announced its expansion plans for both Russia and India earlier this year. About Elcoteq: Elcoteq Network Corporation is a leading electronics manufacturing services (EMS) company with original design manufacturing (ODM (Original Design Manufacturer) A contract manufacturer that uses its own designs and intellectual property (IP). See contract manufacturer. ) capabilities in the communications technology field. Elcoteq provides global end-to-end solutions consisting of design, NPI NPI National Provider Identifier, see there , manufacturing, supply chain management and after-sales services for the whole lifecycle of its customers' products. The company operates on three continents in 11 countries and employs approximately 15,000 people. Elcoteq's consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for 2003 totaled MEUR MEUR Million Euros 2,235.7 (2.8 billion USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ). Elcoteq Network Corporation is listed on the Helsinki Exchanges Helsinki Exchanges (HEX) The Helsinki Exchanges (HEX Ltd., Helsinki Securities and Derivatives Exchange and Clearing House) was formed at the beginning of 1998 following the merger of the Helsinki Stock Exchange Ltd. and SOM Ltd. . Elcoteq Americas headquarters is located in Irving, Texas. For more information, contact Doug Brenner at 469-879-1165, e-mail doug.brenner@elcoteq.com, or visit the Elcoteq website at www.elcoteq.com. |
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