Jaakko Pöyry Group signed Memrandum of Understanding concerning acquisition in Austria

12/2/2003, 8:01 AM (Source: GlobeNewswire)

Jaakko Pöyry Group Oyj and Verbund AG announce that they are engaged
in mutual negotiations concerning the sale of the consulting and
engineering company Verbundplan GmbH, which is owned by Verbund, to
Jaakko Pöyry Group Oyj. A Memorandum of Understanding concerning the
deal was signed on December 1, 2003. The closure of the transaction
is subject to completion and approval of the due diligence process of
Verbundplan, finalisation of contractual negotiations and approvals
by the boards of directors of both parties. The objective is to close
the deal by February 28, 2004.

The parties have agreed that Jaakko Pöyry Group Oyj initially will
acquire 74.9 per cent of Verbundplan GmbH. After the deal,
Verbundplan will continue its operations as an independent company,
as a part of the Jaakko Pöyry Group.

The Verbundplan group is a leading Austrian consulting and
engineering firm. It has over 300 employees and its net sales for
2003 are about EUR 37 million. In addition, the company has a 43 per
cent stake in AQUATIS a.s., a company operating in the Czech
Republic. Verbund holds a 52 per cent stake in AQUATIS, and the
target of Jaakko Pöyry Group and Verbund is that this 52 per cent
stake will be sold to Jaakko Pöyry Group Oyj as well. AQUATIS has 170
employees and its net sales for 2003 are about EUR 5 million. The
operations of Verbundplan and AQUATIS have been profitable in 2003.

Approximately 50 per cent of Verbundplan's net sales is derived from
the energy sector. The main business areas in the energy sector are
hydropower, renewable energy, transmission networks and management
consulting. Twenty per cent of the company's net sales is derived
from transportation and infrastructure systems, with special
expertise e.g. in tunnelling, and 30 per cent from water and
environment projects. AQUATIS operates in the water and environment
sector. Austria accounts for about half of Verbundplan's net sales.
The company's main international markets are in Eastern Europe and in
countries where hydropower accounts for a notable part of energy
production.

The Jaakko Pöyry Group is one of the world's leading consulting and
engineering firms. The Group employs about 4800 experts in 35
countries, and its net sales for 2002 were EUR 407 million. The Group
has three core areas of expertise: forest industry, energy and
infrastructure & environment. Verbundplan complements the Jaakko
Pöyry Group's geographical coverage in the energy and infrastructure
& environment sectors, and expands the Group's expertise e.g. in
transmission networks. Verbundplan also strengthens the Group's
resource base, for example in hydropower and tunnelling. In addition,
Verbundplan opens up new opportunities for the Group, as the EU
expands into Eastern Europe. Following the deal, the company will be
able to make use of the Jaakko Pöyry Group's international network of
offices to further internationalise its activities.

Verbund is the largest producer and distributor of electrical energy
in Austria. Its net sales for 2002 were EUR 2072 million. Verbund
AG's shares are quoted at the Vienna Stock Exchange, in Frankfurt,
London and in the form of ADR's in the United States.

JAAKKO PÖYRY GROUP OYJ

Erkki Pehu-Lehtonen
President and CEO

Teuvo Salminen
Deputy to President and CEO
Additional information:
Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj
Tel. +358 9 8947 2999, +358 400 468 084

www.poyry.com
www.verbund.at

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