The Swedish industrial group Lifco AB is selling the Estonian mechanical engineering company Hekotek to the management of the company.

The agreement has been signed and the plan is to complete the transaction during May 2022. No major restructuring of the company is planned upon the entry into force of the transaction, operations will continue as usual.

Heiki Einpaul, CEO of the company: “Lifco has been purely a financial investor for Hekotek. We have managed the operations ourselves, Lifco has not been involved in the sales or other operational activities of Hekotek. At the time, when acting on half of Hekotek’s markets (Russia and Belarus) is for some time disturbed, the other markets are performing.”

The Swedish industrial group Lifco, which makes financial investments into small and medium-sized enterprises, notified in its press release that Hekotek delivered its products largely to Russia. Last year Hekotek’s sales revenue was 40 million euros and there works about 130 employees. The transaction will not have a significant financial impact on Lifco’s results this year, the company announced.