IPTE acquires TAF3 in Estonia

IPTE NV, (Euronext Brussel: IPT) acquires as of July 29, 2008 100 percent of the shares of TAF3 an Estonian Automation company located in Tallinn.
TAF3 is an automation and test company employing 30 highly qualified mechanical, electrical and software engineers with an average experience in the telecom and automotive industry of more than 10 years.

The acquisition of TAF3 in Tallinn is part of IPTE’s automation strategy to have a strong presence in the Nordic region to support their customers.
Mr. Aivar Elbrecht, general manager of TAF3: “We are happy to join the IPTE network. We believe we are together creating a tremendous added value for IPTE and TAF3. Our technical abilities were limited by our lack of international presence. By joining the IPTE group, we become part of a major international automation player with strong presence all over Europe, Asia and USA.  This will bring us the International dimension we were aiming before.”

Mr. Luc Switten, CEO IPTE: “This acquisition fits perfectly in the global account strategy of IPTE automation. It gives IPTE the engineering capabilities for the telecom and automation industry with a local competence en supply center in the Nordic area. It brings a win-win situation for both parties. We welcome all employees of TAF3 in our group. “

The acquisition price for 100 percent of the shares amounts to 600.000 Euro.

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