China's electronics sector books strong output growth
Apr 19, 2005
The technology development of Imbera Electronics Oy ("Imbera"), a joint venture company owned by Elcoteq SE and Aspocomp Group Oyj, has reached industrialization and commercialization stage. The companies have signed and closed a transaction to broaden Imbera's ownership base, extend its exposure to the market and secure its financing. Funds managed by Conor Venture Partners, Index Ventures and Northzone Ventures will become Imbera's new financiers and major owners in the company.
The funds will invest in Imbera Electronics Inc., a new US-based parent company of Imbera Electronics Oy incorporated for this investment. Imbera's operative management will be unaffected and gain minority ownership. Aspocomp and Elcoteq will remain Imbera's minority shareholders through a share swap with Imbera Electronics Inc. After the arrangements, Aspocomp and Elcoteq each will own approximately 15% of Imbera's share capital. The ownership arrangement will have no impact on Elcoteq's financial result.
Prior to the arrangement described above, Elcoteq and Aspocomp each owned 50% of Imbera's share capital. Imbera Electronics Oy was set up jointly by Elcoteq SE and Aspocomp Group Oyj in 2002 to concentrate on the development and commercialization of IMB (Integrated Module Board) assembly technology.