[SWE] Vattenfall to sell parts of its Swedish engineering consultancy

Vattenfall has agreed to sell parts of its Swedish engineering consultancy, Vattenfall Power Consultant AB to Pöyry PLC. The engineering consultancy, 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 divestment is part of Vattenfall’s new strategic direction, focusing on the core business and markets in Sweden, Germany and Netherlands. Engineering and technical consultancy offered primarily to an external market is no longer regarded as a core business within Vattenfall and this unit will therefore have better possibilities to develop under a new owner.

The units divested, include approximately 360 employees at 22 offices located in Sweden, Norway and the UK, with a particularly strong local presence in Sweden.

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.

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.”

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, 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.”

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