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Pöyry Oyj (HEL:POY1V) PÖYRY PLC Press release 29 August 2008 at 9.45 a.m.
PÖYRY EXPANDS ITS REAL ESTATE CONSULTING AND ENGINEERING OPERATIONS IN CHINA
Pöyry is expanding its real estate consulting and engineering operations in China by acquiring the entire stock of Shanghai Kang Hong Construction Ltd. Based in Shanghai, the company employs 29 experts. Net sales for 2008 are estimated at EUR 1 million and growth prospects are good. The closure of the transaction is subject to approval by the Chinese authorities.
Shanghai Kang Hong Construction is primarily engaged in project management for industrial and commercial real estate development and construction projects. In addition, the company provides a comprehensive range of complementary consulting services, ranging from site search and feasibility analysis services to the management of engineering design.
Pöyry's operations in China have been focusing on engineering and consulting services for the process and energy industries and the architectural and infrastructure sectors. This acquisition further strengthens Pöyry's potential for serving its clients with local resources, while it supports the company's globalisation strategy. The combining of forces creates good possibilities for expanding Pöyry's construction management and architectural design operations in China and neighbouring areas.
Shanghai Kang Hong Construction will be part of Pöyry's Real Estate and Telecommunications business area in China, and its management and staff will continue in Pöyry's employment after the transaction. Following the acquisition, Pöyry's staff in China will exceed 200.
Pöyry is a global consulting and engineering firm focusing on the energy, forest industry and infrastructure & environment sectors. Pöyry's net sales in 2007 amounted to about EUR 720 million and it employs 8000 experts.
PÖYRY PLC
Teuvo Salminen Deputy to President and CEO
Additional information by: Timo Kankuri, President, Business Area Real Estate and Telecommunications, Pöyry PLC, Finland Tel. +358 10 33 22048 Sakari Oksanen, President, Pöyry (Beijing) Consulting Company Limited, Beijing, China Tel. +86 10 6410 6550
