PRESS RELEASE 27 Nov 2003
JAAKKO PÖYRY GROUP EXPANDS ITS OPERATIONS IN NORTH AMERICA
Jaakko Pöyry Group Oyj has signed an agreement to acquire the operations of the Canadian forest industry engineering firm NLK Consultants Inc. The business combination is estimated to close on December 12, 2003.
NLK Consultants Inc., with offices in Vancouver and Montreal, has been one of Canada's foremost forest industry engineering companies since the 1980s. Its net sales amounted to about EUR 8 million in 2002.
Jaakko Pöyry Group Oyj will establish a new forest industry engineering company in Vancouver, Jaakko Pöyry NLK, Inc., incorporating NLK Consultants Inc.'s Vancouver business operations. Initially, the new company will employ some 40 experts. The company's primary market will be the forest industry in western Canada and northwestern USA. The business of NLK Consultants Inc. in Montreal will be transferred to Jaakko Pöyry Group Oyj's subsidiary Jaakko Pöyry ABGS Inc.
This acquisition is in line with the Jaakko Pöyry Group's aim to expand its business coverage on the North American market. After the transaction, the Group will employ some 300 forest industry consulting and engineering experts in North America. In addition to the offices in Montreal and Vancouver, the Jaakko Pöyry Group has offices in North America in Appleton, Wisconsin and Tarrytown, New York.
The Forest Industry business group, operating under the brand name Jaakko Pöyry, had worldwide net sales of EUR 175 million in 2002. The Forest Industry business group has offices in 18 countries and employs some 2200 experts worldwide.
JAAKKO PÖYRY GROUP OYJ
Investor Relations Manager
Additional information by:
Jukka Nyrölä, President, Forest Industry Business Group, Jaakko Pöyry Group Oyj
Tel. +358 40 500 9706