The French company Eolane has acquired the shares of electronic components manufacturer Elcoteq Tallinn AS, the parent company of which went bankrupt in 2011.
The company's name will be changed to Eolane Tallinn AS.
Eolane chief executive Marc Pasquier said the purchase is part of a plan to expand to the Northern European market. He said the company strategy foresees evolving the Tallinn factory into a strong independent unit offering an even wider range of product development, testing, production and after-sales services to its customers.
With around 2,400 employees and an annual turnover of 300 million euros, the activities of Eolane and its subsidiaries include nanotechnology, solar energy, security, embedded software and signal technology.
The former parent company of Elcoteq Tallinn was Elcoteq SE, a pan-European electronics manufacturer headquartered in Luxembourg. In 2009 Elcoteq Eesti, as it was then called, sold 80 percent of its production capacity to Swedish-based Ericsson. In 2010 the company moved its remaining production facilities to a newly-built factory on Tallinn's Peterburi maantee.