Mar 23, 2004. /Lesprom Network/. Swedish EF Group acquired CTS Engineering Oy, one of the Finnish largest consulting companies focused on pulp and paper industry engineering, Lesprom.ru learned from the corporate press-release. According to the corporate statement, after the acquisition EF Group pulp and paper department will become one of the largest consulting companies in the European timber industry. In 2003 CTS consulting business turnover exceeded EUR 16 million. The company was established in 1973. The company’s major clients are: Norske Skog, Stora Enso, UPM Kymmene and Metso. ‘Together with CTS we are creating a major consulting resource, which will offer complete array services in pulp and paper industry. The acquisition of CTS will allow us to fulfill a number of major projects simultaneously and will work out as a ‘ski-jump’ for our further business development in the Baltic region’ EF Group President and CEO told Lesprom.ru. The merger will make EF Group a major pulp and paper industry consulting services supplier with affiliated offices in Sweden, Finland, France, Germany, Spain, Czech Republic and South Africa. EF Group will acquire 67,6% of CTS shares, with a call option to buy 12,4% more in 2005. Presently EF Group owns 20% of CTS shares, and is expected to own 100% shares by the end of 2005. 67,6% of shares will be paid partly with funds - SEK 34 million ($4,54 million) and with the issue of new b-type shares at SEK 23 billion ($3,07 million) face value. In 2003 CTS Engineering Oy sales were EUR 16,2 million, earnings - 2,4%. During the recent 5 years annual sales were EUR 15,4 million on average, earnings - 5,2%.