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Ely Center Development Grant for Aspocomp’s Oulu Plant Investment
June 3, 2020 | GlobeNewswireEstimated reading time: 2 minutes
PCB technology company Aspocomp has been granted a total of EUR 1.35 million in development support by the ELY Center for the implementation of the second phase of its Oulu plant investment. The second phase builds on the investments made in the first phase, which was launched in 2017. The second phase of the investment program aims in particular to increase the capacity of the Oulu plant, improve automation and increase production efficiency. The total investment is approximately EUR 5 million and it strengthens the company's position as a partner to leading technology and semiconductor companies.
The second phase, which is now starting, is part of the EUR 10 million investment program. The first phase was completed in early 2020. The first phase project amounted to approximately EUR 5 million and focused particularly on improving the technological capabilities of printed circuit boards. The goals of the project were successfully achieved: the customer base was strengthened and the planned technological improvements were implemented.
The second phase of the investment program focuses on increasing capacity. All the equipment in the investment will be installed in an existing plant building and no additional plant space will be built. The investment also includes equipment to improve production automation or lead times. The investments will be carried out in the period between 2020 and 2022, mainly in 2021.
High-tech circuit boards are increasingly needed in applications where the speed of the communication components is important. With these investments, the company aims to further strengthen its position as a strategic partner to leading companies in the semiconductor, automotive, defense and aerospace, and telecommunications (5G) industries.
The investment is partly funded with cash flow from business operations and partly with loan financing. The ELY Center announced its decision on granting support to the company on June 1, 2020, according to which the company will receive an investment grant of EUR 1.35 million for the implementation of the project, corresponding to about 25% of its total cost. The development grant received by Aspocomp is part of the Sustainable Growth and Work 2014-2020 – Finnish Structural Funds program. The project belongs to the European Regional Development Fund under the leverage from the EU 2014-2020 program. The development grant will be paid in arrears according to the actual costs of the project.
The investment is expected to increase the number of employees at the Oulu plant. During the project, the number of new jobs is expected to increase by about ten.
Aspocomp’s CEO Mikko Montonen: “We want to stay at the forefront of development as PCB manufacturing evolves. Our business requires continuous investment in production capacity and process development so that we can meet the growing technological needs of our customers. In the long term, these investments are expected to significantly improve our competitiveness and strengthen the cornerstones of our strategy - speed and advanced technology - and our position as a partner to the world's leading technology and semiconductor companies.”
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