Pöyry (OMX: POY1V) has agreed to divest Pöyry Environment GmbH together with Pöyry Tanzania Ltd to Lahmeyer Holding GmbH. These belong to Pöyry’s water & environment operations. Combined sales of these units in 2011 were over 12 million and there are some 70 employees. Pöyry said the transaction is cash-flow positive but the company is taking a loss of 5 million Euro from it.
The projects for Pöyry Environment GmbH have to do with wastewater treatment and disposal as well as waste management and water supply. More specifically these involve supply schemes, control systems and treatment plants. Seawater desalination is another focus area. The company is based in Mannheim but most of its operations are in Africa with other projects coming from South-Eastern Europe, South America, the Middle East and Asia. It has previously been understood that these competences are close to Pöyry’s core offering.
Pöyry Tanzania Ltd has also completed projects for rural energy projects assistance. Both firms are primarily engaged in Official Development Assistance (ODA) funded projects throughout the developing world. Lahmeyer’s goal is to strengthen its water market offering and it particularly sought competence in major storages and long-distance water conveyance systems.
For 2011 Pöyry had consolidated sales of nearly 800 million. Operating profit was slightly negative but excluding one-off items 30 million on the plus side. The Board of Directors suggested doubling of dividend to 20 cents a share. As a late-cycle firm, Pöyry says it is difficult to predict when client’s new investment decisions and project start-ups will start resulting in more sales. Sales are expected to remain at about 2011 level where as comparable operating profit excluding restructuring costs is supposed to improve clearly.
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