What NOTE does

NOTE AB is a Stockholm-headquartered, publicly listed (OMX Stockholm: NOTE) electronics manufacturing services (EMS) provider and one of the largest contract manufacturers for electronics and complete products in Northern Europe. The company delivers PCBA (Printed Circuit Board Assembly) and box build solutions across the full product lifecycle, organized around four service pillars: Development Services (production-engineering support in early stages), Sourcing & Logistics (component procurement and supply chain), Manufacturing (series production), and Aftermarket Services (lifecycle support). Its underlying capability stack is operational rather than software-driven — combining surface-mount and box-build assembly lines, component sourcing networks, test development, and production-engineering know-how — supported by ISO 9001 quality certification.

The business model is B2B contract manufacturing sold through direct enterprise field-sales engagement with OEM customers in five target verticals: Medtech (instruments, hospital equipment, in-body products), Industrial (energy, automation, agriculture, transport, infrastructure), Communication (high-speed optical, wireless, transmission and networking equipment with comprehensive test development), Greentech (green-technology products), and Security & Defence (advanced electronics for the defence and security industry where reliability and confidentiality are critical). Pricing is not publicly disclosed and is quote-based, determined by customer specifications, volumes, and service scope.

Operationally, NOTE runs 13 manufacturing facilities across six countries — Sweden (Norrtälje, Torsby, Herrljunga, Lund), Finland (Hyvinkää), the United Kingdom (Windsor, Haddenham, Basildon, and an STI / NOTE site in Wolverhampton), Estonia (Pärnu), Bulgaria (Sofia), and China (Tangxia) — combining Northern European proximity for OEM collaboration with lower-cost geographies for scale and cost efficiency. The stated vision is to be the natural choice as a manufacturing partner by combining local presence with global manufacturing and long-term relationships.

Name

NOTE

Legal name

NOTE AB

Website

https://note-ems.com

Company type

Public

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NOTE AB is a Stockholm-listed (OMX: NOTE) Northern European electronics contract manufacturer offering PCBA and box build services across the full product lifecycle to OEM customers in Medtech, Industrial, Communication, Greentech, and Security & Defence.

Ownership category

akta.pro rank

Product category

Electronics Manufacturing Services (EMS)

NAICS

Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418)

SIC

Printed Circuit Boards (3672)

akta.pro primary industry

PCB Assembly (PCBA/EMS) (HDAHAOAI)

Keywords

• Electronics manufacturing services
• Contract manufacturing
• PCBA assembly
• Box build services
• Industrial electronics

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Contract Manufacturing Services: NOTE generates revenue through contract manufacturing of electronics, providing services from early-stage product engineering through serial production and aftermarket support. Revenue is derived from manufacturing fees, component sourcing, and value-added services across the product lifecycle.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

NOTE AB is a contract manufacturing partner for electronics and complete products, providing PCBA (Printed Circuit Board Assembly) and box build manufacturing services. The offering spans four integrated service pillars: development services, sourcing & logistics, contract manufacturing (series production), and aftermarket services, serving OEM customers in Medtech, Industrial, Communication, Greentech, and Security & Defence sectors from facilities across Northern Europe and China.

Product overview

NOTE is a contract manufacturing partner for electronics and complete products, offering a unified portfolio of services covering the entire product lifecycle. The core offering spans PCBA (Printed Circuit Board Assembly) and box build manufacturing, supported by four integrated service pillars: Development Services (production-technical support in early stages), Sourcing & Logistics (component procurement and supply chain), Manufacturing (series production of electronics), and Aftermarket Services (lifecycle support). The company serves five customer segments: Medtech, Industrial, Communication, Greentech, and Security & Defence, providing localized presence combined with global manufacturing capabilities across facilities in Sweden, Finland, England, Estonia, Bulgaria, and China.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services Production-technical services in early development stages, supporting product engineering and design for manufacturing for OEM customers across Medtech, Industrial, Communication, Greentech, and Security & Defence sectors.
• Sourcing & Logistics Component sourcing and supply chain logistics services supporting electronics manufacturing for OEM customers.
• Contract Manufacturing Series production of PCBA (Printed Circuit Board Assembly) and box build services for electronics, executed across manufacturing facilities in Sweden, Finland, England, Estonia, Bulgaria, and China.
• Aftermarket Services Advanced aftermarket services supporting customer products throughout their lifecycle.

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Cicor Technologies: Swiss-headquartered EMS group providing PCBA, microelectronics, and complete device manufacturing for medical, industrial, and aerospace customers in Europe — directly overlapping with NOTE's high-reliability vertical focus.
• Inission AB: Nordic EMS company providing contract manufacturing of electronics and complete products across Sweden, Norway, and Finland, with vertical focus closely overlapping NOTE's Medtech, Industrial, and Defence segments.
• Hanza AB: Swedish-headquartered EMS provider offering PCBA, mechanics, and box build manufacturing with a similar Northern European footprint and customer-segment focus, directly competing with NOTE on Nordic OEM contracts.
• Scanfil Oyj: Finnish-listed global EMS and contract manufacturer offering PCBA, box build, and supply chain services across Europe, Asia, and the Americas, comparable in scale, public-listing profile, and full-lifecycle service model to NOTE.
• Kitron ASA: Norway-based EMS competitor with European and North American manufacturing, serving defense, aerospace, energy, and medical customers — directly comparable end-market mix and EMS service model to NOTE.

Broad incumbents

• Flex Ltd: Global tier-1 EMS giant offering scale manufacturing across virtually all electronics verticals; competes with NOTE for large OEM programs but with vastly broader scope and capacity.
• Hon Hai Precision (Foxconn): World's largest contract electronics manufacturer; competes with NOTE on price-sensitive PCBA programs and represents the scale benchmark that mid-tier European EMS players like NOTE must differentiate against.
• Jabil Inc. Global EMS leader with diversified end-market exposure including healthcare, automotive, and industrial; overlaps with NOTE's verticals but operates at materially larger scale.
• Sanmina Corporation: US-headquartered global EMS provider with European manufacturing footprint serving medical, defense, and industrial customers — comparable verticals and PCBA/box-build offering to NOTE at a much larger scale.

Regional players

• Note-partner ENICS (private under Aspocomp/Investor ownership): Northern European EMS provider with operations concentrated in Finland, Sweden, Estonia, and Slovakia, competing head-to-head with NOTE for Nordic industrial and medtech OEM contracts.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/note

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NOTE