Stock exchange release
22 October 2008 at 8.00 EET
Fortum divests its share in Jyväskylän Energiantuotanto Oy
Fortum and Jyväskylän Energia (JE) have signed a contract according to which
Fortum will sell its 60% ownership in Jyväskylän Energiantuotanto Oy (JYT) to
JE. Currently, JE owns 40% of JYT. Fortum sells its stake for approximately EUR
40 million. Also the land on which the power plant is located on and all
business operations related to the shares will be sold to JE. The sales gain
from the transaction will be booked in Fortum's 2008 fourth quarter financial
result. The transaction will take effect on 1 January 2009.
Jyväskylän Energiantuotanto Oy produces and sells heat and electricity to its
owners according to the owners' agreement. The company's electricity production
capacity is 115 megawatts (MW), district heating capacity 610 MW and steam
production capacity 110 MW.
The divestment is part of the business development programme of Fortum's Heat
segment aiming at ensuring long term profitability of the segment.
Majority of the local power plant's Fortum employees, around 70 persons, will
transfer to JYT.
SVP, Corporate Communications
Additional information: Timo Karttinen, SVP, Corporate Development, Fortum
Corporation, +358 50 453 6555