Jaakko Pöyry Consulting Oy, the parent company of the Jaakko Pöyry Group's Forest Industry Consulting business group, has sold 75 per cent of its 90 per cent-owned subsidiary JP Development Oy to Helsinki Consulting Group Oy. JP Development, in which Jaakko Pöyry Consulting will continue to hold a 15 per cent stake, will become a subsidiary of Helsinki Consulting Group.
JP Development Oy specialises in forest sector projects in developing countries primarily financed through bilateral and multilateral development aid, operating through offices in Helsinki, and Auckland, New Zealand.
The divestment of the controlling interest in JP Development is part of the on-going rationalisation of Jaakko Pöyry Consulting to focus exclusively on leading-edge research, strategic consulting, operations consulting and investment banking for the global forest products industry value chain.
JP Development Oy's net sales for 2001 amounted to EUR 7 million, and there was a slight operating loss. The deal does not have any effect on the Jaakko Pöyry Group's balance sheet.
JAAKKO PÖYRY GROUP OYJ
Erkki Pehu-Lehtonen
President and CEO
Teuvo Salminen
Executive Vice President
Jaakko Pöyry Group focuses its forest industry consulting business and divests JP Development Oy
| Source: AFRY