STOCKHOLM – Note has added a second plant in Eastern Europe through the acquisition of Bulgarian electronics manufacturer ATM Electronics.

In a release announcing the acquisition, Note said it expects that the demand for electronics manufacturing in Europe will continue to develop strongly in the coming years, and the SEK36 million ($3.5 million) purchase of ATM Electronics is meant to meet that growing demand. Note also plans to grow ATM's manufacturing while also increasing its offerings to customers to include complete PCBAs and turn-key products.

“Note continues to develop strongly. We are enthusiastic about this acquisition, which, in addition to adding another profitable plant to the group, also expands our manufacturing capacity in Eastern Europe," said Note CEO and President Johannes Lind-Widestam. "We see great value in the fact that we are now expanding the possibilities to offer our existing customers advanced electronics manufacturing in a very cost-effective part of Europe. Together with existing customers, staff and management in Bulgaria, we look forward to developing the business further and continuing our profitable growth journey."

ATM Electronics currently has around 80 employees at its manufacturing facility in Sofia and at an assembly facility in Petrich, and its principal owner Sergej Shardin will continue in his role as CEO.

"I have come to know Note as a company that shares our core values ​​of high quality and putting the customer at the center," Shardin said. "I see great advantages for us and our customers that we now become part of Note – not least on the purchasing side. We have strong customer relationships and I look forward to continuing to develop our plants in Sofia and Petrich together with the other operations in Note."