The shareholders of Estonian industrial equipment manufacturers E-Profiil and Technobalt have decided to merge the two companies into an entity employing more than 500 people and with a combined annual revenue of over 50 million euros.
The two companies have operations and plants in Estonia, Latvia, Lithuania and Norway. The merger is expected to result in substantial synergies in better use of resources, product development and marketing as well as increasing the efficiency of internal processes.
Toomas Jõgi, CEO of E-Profiil AS, said that E-Profiil sees great potential in the product development and project management competencies of Technobalt companies.
Technobalt CEO Tarmo Männasalu, in turn, described E-Profiil's skills in the manufacture of complex and large pieces of equipment and technological capabilities as a good complement to their existing capacity to start working with projects and customers that are significantly more demanding and larger than those with whom they are currently working.
Established in 1997, E-Profiil AS is an Estonian-owned company that specializes in the manufacture of large, heavy and complex pieces of metal equipment for the oil and gas industry.
The core business of Technobalt Eesti OÜ is the design, manufacture, sales and servicing of conveyor systesms and related products.
Editor: Editor: Aili Vahtla