Ericsson will not proceed with a €155 million investment in Estonia, which would have been one of the largest industrial investments in the country.
Ericsson Estonia’s CEO, Sirli Männiksaar,told Delfi Ärilehton Monday that Ericsson informed its employees and partners of its decision to focus on modernizing its existing operations in Tallinn — comprising three production units and an office in Ülemiste — rather than constructing a new facility in Ülemiste City.
“In the challenging market and economic environment, we are taking a more cautious approach to industrial investments, especially in Europe.To ensure that our business remains robust and well-positioned for long-term success, Ericsson is reallocating its investments to certain areas,” she explained, justifying the decision to forgo the investment.
Ericsson announced plans for a new production and technology center in Tallinn’s Ülemiste City last summer, estimating the investment at €155 million.
Read more: ERR.EE
