Powernet Oy in Deeper Partnership with NOTE

NOTE (STO:NOTE) has extended its collaboration with Finnish company Powernet Oy. At the end of 2012, Powernet decided to focus its business, and decided to increase the outsourced share of production.

In the first quarter of 2013, NOTE took over and industrialised a large number of Powernet products, with batch production scheduled to commence in the second quarter. NOTE estimates that this deeper partnership will have a yearly sales value of some 20 MSEK.

Powernet Oy, whose head office is in Äänekoski, Finland, develops and manufactures tailored solutions for demanding power conversion applications. NOTE Hyvinkää, Finland, will retain primary ownership of this account relationship, and will support the customer on preparing new products, while NOTE’s batch production for Powernet is located at NOTEs Industrial Plant in Estonia.

Paul-Erik Sjöman, President of Powernet Oy, made the following comment on the selection of NOTE: “Our priority was to appoint a partner with sector-leading capability to deliver high quality at the right time, and whose organisation puts flexibility and the customer front and centre”.

Peter Laveson, NOTE’s President and Chief Executive Officer responded: “We’re pleased that Powernet Oy has chosen to enter a deeper partnership with us. Our customer needed a professional and flexible partner to support its strategic initiative.”

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About the author

Rob is a analyst and reporter covering stocks and business news.