STOCK EXCHANGE RELEASE 21 Oct 1999
JAAKKO PÖYRY GROUP STRENGTENS ITS OPERATIONS IN NORWAY
Jaakko Pöyry Oy, a Jaakko Pöyry Group company, and Orkla ASA have reached an agreement according to which JP Engineering AS, a well-established Norwegian forest industry engineering firm, will become a wholly owned subsidiary of Jaakko Pöyry Oy. According to the agreement, Orkla ASA will sell its 45% shareholding in JP Engineering AS to Jaakko Pöyry Oy. JP Engineering AS has a turnover of approx. EUR 4.5 million and employs some 50 people.
The acquisition of JP Engineering AS is part of the Jaakko Pöyry Group's strategy to expand its local office network. Orkla ASA will in the future concentrate its business activities on its core competences, so the acquisition fits well into Orkla's strategy. The acquisition will not affect the longstanding co-operation between Orkla and JP Engineering.
JP Engineering AS, which will be part of the Forest Industry business group, has offices in Sandvika and Sarpsborg. The company serves the pulp and paper as well as chemical, process and energy industries.
Mr. Otto von Ubisch has been appointed Managing Director of the company as of September 1. The company's name will be changed to Jaakko Pöyry Norge AS.
JAAKKO PÖYRY GROUP OYJ
Additional information by:
Mr. Edvard Krogius, Investor Relations Jaakko Pöyry Group Oyj
Tel: +358 9 8947 3002, +358 40 551 3388
Mr. Otto von Ubisch, Managing Director JP Engineering AS
Tel: +47 67 521 107, +47 91 728 608
Stockholm Stock Exchange