PRESS RELEASE 4 Oct 2006
PÖYRY ACQUIRES CONVERGENCE UTILITY CONSULTANTS
Pöyry's Energy business group has expanded its management consulting business by acquiring Convergence Utility Consultants Ltd., headquartered in Switzerland. The joining of forces represents an excellent strategic fit and strengthens Pöyry's position as the biggest consultant in the European energy market.
Founded in 1995 by former management consultants from renowned international companies, Convergence is a business, strategy and economic consulting firm serving utility companies, regulators and energy-sector institutions and providing a wide range of industry-specific services. Since its foundation, the team has grown substantially and now numbers 70 highly qualified consultants.
Convergence possesses a wide range of competencies supporting many producers, transmitters, distributors, traders, wholesalers, retailers, as well as regulators and other public institutions. The company offers high-quality services to electricity and gas utilities and is specialised in the major industry-specific challenges.
The main operational bases of Convergence are in Dusseldorf, Milan, Paris, Warsaw and Zurich. Claudio Waldburger, CEO of Convergence, said of the joining of forces: "The strategic fit between the companies is perfect for us both. By using Pöyry's platforms all over the world we can drive our growth process also outside Europe, whilst Convergence's operational bases and high value-adding services will enable Pöyry's strategic objectives to be realised rapidly. Our clients will profit from our extended portfolio of services combined with our objective of providing value creating solutions that we will be offering now on a combined basis".
Pöyry's management consulting expertise covers the entire business process of the energy sector. Its services range from strategy to business operation, including financing, valuation and sustainability. Following the transaction, Pöyry will be the biggest energy consultant in Europe, employing more than 170 highly experienced, specialised and motivated management consultants for the energy industry.
Kurt Bobst, President of the Management Consulting business area of Pöyry's Energy business group commented "I look forward to growing the business with the team of Convergence. The geographical market area fits very well with our current structure. Joining the activities of Pöyry and Convergence will bring us in an even stronger position as the leading energy management consultant serving the European energy sector. Moreover, it is very important that we both share the same values. For our clients, the joining of forces means that we will be able to further strengthen the existing relationships and to deliver value across a wide portfolio of services."
Pöyry is a global consulting and engineering firm focusing on the energy, forest industry and infrastructure & environment sectors. Pöyry's annual net sales amount to about EUR 600 million and it employs 6000 experts.
Investor Relations Manager
Additional information by:
Richard Pinnock, President and CEO, Energy Business Group, Zurich, Switzerland
Tel. +41 76 356 2410
Kurt Bobst, President, Business Area Management Consulting, Energy Business Group, Zurich, Switzerland
Tel. +41 76 356 2323