Pöyry expands its energy business in Sweden by acquiring parts of engineering and consulting business from Vattenfall
(Thomson Reuters ONE) -
PÖYRY PLC Company Announcement April 14, 2011 at 9:30 a.m.
Pöyry PLC and Vattenfall AB have signed a sale and purchase agreement whereby
Pöyry PLC acquires parts of the engineering consulting business of Vattenfall
Power Consultant AB. The business, focusing on hydro power, wind power and power
networks as well as thermal power, will be incorporated into a newly established
company in Sweden to be called SwedPower AB.
The services provided by SwedPower range from advisory services to engineering
and project management. The business is focused on three sectors: hydro power,
wind power, power networks as well as thermal power. The operations are
primarily in the Nordic region with the main focus on Sweden. The company will
employ a staff of approximately 360 persons, the majority of whom are located in
Sweden. In 2010, these businesses generated pro forma net sales of SEK 480
million.
The transaction is conditional to completion of a due diligence process, the
agreement on transitional services and the final approvals of the Boards of
Directors of Pöyry and Vattenfall. Completion is expected to take place at the
latest by the end of June 2011.
Through a successful completion of this acquisition, Pöyry would strengthen its
energy engineering business and increase Pöyry's market share in Sweden. Pöyry
is currently the leading engineering and consulting company for forest industry
in Sweden and plays an important role in the mining and minerals sector. With
this acquisition, Sweden becomes one of the core markets for Pöyry.
Heikki Malinen, President and CEO of Pöyry: "Pöyry is very pleased to have the
Vattenfall experts join Pöyry. Vattenfall has decades of experience from
engineering and implementing projects in the energy sector. With Vattenfall
experts joining Pöyry, we will together be able to offer our clients unique
solutions in hydro, thermal, power networks and renewable energy. This joining
of forces will also open major opportunities for common projects globally. For
Pöyry, the acquisition is a major step in growing the energy business in
Sweden."
Christopher Eckerberg, Vice President and Head of BU Engineering of Vattenfall:
"We are pleased to have found a new owner for our Swedish engineering
consultancy business in such a respected company as Pöyry. SwedPower will
continue to be an important engineering partner for Vattenfall and a great place
for our people to continue developing their skills."
Pöyry does not provide further information on the process at this stage.
PÖYRY PLC
Contacts:
Sanna Päiväniemi Director, Investor Relations, Pöyry PLC
tel. +358 10 33 23002
Pöyry is a global consulting and engineering company dedicated to balanced
sustainability and responsible business. With quality and integrity at our core,
we deliver best-in-class management consulting, total solutions, and design and
supervision. Our in-depth expertise extends to the fields of energy, industry,
urban & mobility and water & environment. Pöyry has 7,000 experts and a local
office network in about 50 countries. Pöyry's net sales in 2010 were EUR 682
million and the company's shares are quoted on NASDAQ OMX Helsinki. (Pöyry PLC:
POY1V).
DISTRIBUTION:
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Major Media
www.poyry.com
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pöyry Oyj via Thomson Reuters ONE
[HUG#1506342]
Unternehmensinformation / Kurzprofil:
Datum: 14.04.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 53516
Anzahl Zeichen: 4225
contact information:
Town:
Vantaa
Kategorie:
Business News
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