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WPP Invests in Former Soviet Specialist
WPP Group has acquired a 49.9% interest in The PBN Company, a strategic communications firm specializing in the countries of the former Soviet Union.
PBN works for western companies investing in the region as well as expanding Russian, Ukrainian and CIS companies. Since 1990 it has built a network of offices in the region including Moscow, Kyiv, Almaty and Riga - it also has bases in London and Washington DC, and employs over 100. The new partnership is intended to further strengthen PBN's position in Russia, Ukraine, other CIS countries and the Baltics and help with expansion into other emerging markets.
PBN's original shareholders will maintain a controlling interest in the company, and the brand and management team will stay. Chairman and CEO Peter B. Necarsulmer says the partnership 'adds even more firepower' to its client offering worldwide: 'This partnership combines the best of PBN's entrepreneurial skills and regional expertise, with the clout and capacity of WPP as one of the world's largest marketing communications companies.' Co-founder and President Susan A. Thurman says the marketing services group and its founder Sir Martin Sorrell 'have consistently expressed confidence in and appreciation for the growth potential of Russia, Ukraine and the entire CIS' and have visions and expectations 'firmly aligned with PBN's shareholders and management.'
WPP's Howard Paster, Executive VP, Public Relations & Public Affairs, says WPP companies have worked with the firm over the past few years and 'witnessed firsthand the outstanding strategic advice and results the firm delivers to its diverse base of clients.'
Web sites: www.pbnco.com and www.wpp.com.
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