Verbundplan and Jaakko Pöyry Group are Bundling Their Power

4/15/2004Wien

The international engineering group Jaakko Pöyry Group, incorporated in Helsinki, Finland, and VERBUND, Austria’s leading electricity company, signed an agreement on the sale of 74.9 % of the VERBUNDplan shares to Jaakko Pöyry Group yesterday evening. In the framework of this sale, 97.25 % of VERBUNDplan Prüf- und Messtechnik and 95.19 % of the shares in the Czech subsidiary Aquatis a.s. were sold, too.

The purchase price of the total transaction is € 6.1 million. Thus VERBUND continues its strategy of focusing on core business.

With 4,800 employees in 35 countries the Jaakko Pöyry Group generates an annual turnover of 411 million EUR (2003) and focuses on three areas: Forestry, energy, and infrastructure & environment. The group aims at a geographical expansion towards Central and Southeast Europe, where Verbundplan has already been active in several states. By acquiring an interest in Verbundplan the Jaakko Pöyry Group plans to expand especially in the areas hydropower, energy transmission line networks, infrastructure and environmental services.

Continuing its strategy of focusing on core business, VERBUND, Austria’s biggest electricity service provider, sold the majority-controlling interest in its Verbundplan Group to Jaakko Pöyry Group, thus entering into a strategic partnership in its engineering business that means a long-term protection of Verbundplan under the umbrella of the Jaakko Pöyry Group.

The Verbundplan Group is Austria’s leading engineering company, focusing on energy (50 % of the proceeds), traffic and infrastructure systems (20 %), and water and environmental technology (30%). The number of its employees is 470, and for the year 2004 the company expects sales amounting to € 45 million.

By taking in one of the world’s biggest engineering companies as majority shareholder, the leading Austrian engineering company is to be upvalued and protected in the long run. Its integration into a globally operating engineering and consulting group affords Verbundplan new possibilities in the marketing of its extensive know-how on an international level, and in getting additional know-how into the Austrian market.