Norwegian Eltek reorganises renewable business

Dec 12, 2013 - Norwegian power equipment maker Eltek ASA (OSL:ELT) said today it has decided to reorganise its renewable energy operations due to difficult conditions on the solar market.

The company will focus on its core business and thus will restructure its renewable unit through write-downs of its inventory of grid connected solar inverters and capitalised R&D. Eltek will also provide for future cost related obligations to customers and operations.

The reorganisation is expected to affect the company's financial result in the fourth quarter of 2013 negatively by around NOK 100 million (EUR 11.8m/USD 16.3m).

(NOK 1.0 = EUR 0.118/ USD 0.163)

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