Acquisition builds Pöyry's nuclear sector
Pöyry has acquired 97.8% of Hungary's largest privately owned power sector consulting engineering company as the consultancy moves to enhance its nuclear sector capabilities.
Pöyry has acquired 97.8% of Hungary's largest privately owned power sector consulting engineering company as the consultancy moves to enhance its nuclear sector capabilities.
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| Hungary's Paks - seat of ETV-Eröterv's experience (Image: Paks NPP) |
Hungary's ETV-Eröterv consultancy evolved from the state-owned Power Plant and Network Engineering Company (Eröterv), founded in 1950. It was privatised in 1995, when Imatran Voima International Ltd, the forerunner of Finland's Fortum, became its majority owner. ETV came back into Hungarian ownership in a management buyout in 2004, following a strategic decision by Fortum to sell off all of its Hungarian interests.
Employing 170 people, ETV can boast a product range comprising nuclear and conventional power plant engineering, services for radioactive waste-related projects and full-scale design services in the area of transmission and distribution. Its nuclear experience centres heavily around Hungary's Paks nuclear power plant, which comprises four Russian-designed and built VVER pressurised water reactors, and the country's radioactive waste management operations.
Ari Asikainen, president of Pöyry's energy business group, described the synergies and strengths the acquisition would confer on his company. "Pöyry's existing nuclear consulting engineering network will be enhanced with ETV's profound knowledge of the Russian nuclear power plant technology which expands Pöyry's abilities to cover all major nuclear reactor technologies," he said. "With the complementary transmission and distribution expertise ETV will become Pöyry's platform for various services in Eastern Europe and a strong hub for Pöyry's energy sector activities in other countries of this area", he added.
Founded in Helsinki but now active across Europe, engineering and consultancy company Pöyry says it is actively enhancing its capabilities to be well positioned to serve the growing nuclear sector, and was recently appointed to draft a renewable and nuclear strategy for Saudi Arabia The acquisition of ETV means it will have a staff of 400 providing consulting and engineering services for the nuclear sector. The two parties have agreed not to disclose the transaction price.
Researched and written
by World Nuclear News
