YIT started several residential apartment building projects in Finland and the CEE countries in July–September
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YIT Corporation Investor News December 20, 2017 at 2:00 p.m.
YIT has signed a set of agreements of the acquisition of Projektipalvelu Talon Tekniikka Oy, a company specialised in apartment building pipe renovations and renovation contracting. Talon Tekniikka is one of the leading housing company renovation constructors in the Finnish capital region. Renovation services is one of YIT’s strategic development programmes and YIT has announced earlier its target to double its revenue in renovation by 2019.
The acquisition forms a majority-owned subsidiary of YIT in which YIT’s housing company renovation in the Finnish capital region will be focused on. In 2017, Talon Tekniikka’s revenue will be approximately EUR 35 million and it has approximately 75 employees. The acquisition will be implemented during the first quarter of 2018. As part of the acquisition, YIT has committed to redeem the company’s entire share capital gradually over the following years and Talon Tekniikka's operative management will continue as a shareholder in the company until YIT’s redemption. The acquisition does not have a material impact on YIT’s cash flow or balance sheet in 2018.
The company’s business will initially form of Talon Tekniikka’s current business which is focused on the renovation of properties in the Finnish capital region. The company operates as a part of YIT’s strategic development programme of renovation with uniform objectives by targeting strong growth in the attractive housing company renovation market.
”The acquisition supports our strategic targets in growing YIT’s renovation business. As for housing company renovation Talon Tekniikka has turned out to be an excellent option to strengthen our position in the growing market among the largest players of the field”, says Kari Alavillamo, Head of Business Premises business division from YIT.
"As the similar values and targets met, this felt like a natural step and we see this as an excellent continuum in Talon Tekniikka's growth story. The combination of the companies' expertise creates a unique opportunity to develop operations and grow into the leading player in the field" tells Sampo Kautto, Chairman of the Board of Talon Tekniikka.
For further information, please contact:
Hanna Jaakkola, Vice President, Investor Relations, YIT Corporation, tel. +358 40 5666 070, email@example.com
Kari Alavillamo, Head of Business Premises business division, YIT Construction Ltd, tel. +358 40 5190 059, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com