YIT plans changes in the operating model of the Business Premises segment and considers adapting operations in Finland

YIT Corporation Investor News 7 November 2023 at 08:45 a.m.

YIT plans changes in the operating model of the Business Premises segment and considers adapting operations in Finland  

YIT plans changes in the Business Premises segment’s operating model and organisation structure. In addition, the company considers continuing to adapt its operations in Finland due to the market situation in the construction sector. The company starts change negotiations in Finland.

“We have identified the need to change the operational model of the Business Premises segment to be more customer-oriented and to strengthen our competitiveness. In addition, as the market situation remains challenging, we need to assess the need to continue the measures to adapt our operations to meet demand and construction volumes,” said Heikki Vuorenmaa, President and CEO of YIT Corporation.

The change negotiations concern salaried and senior salaried employees working in the Housing, Business Premises and Infrastructure segments in Finland. There are approximately 1,500 employees in the scope of the negotiations. The negotiations could result in possible temporary layoffs or reduction of jobs.

The planned changes could result in a reduction of approximately 90 jobs at most in Finland. Potential reduction needs related to these change negotiations do not concern salaried employees working in production jobs at construction sites nor employees. YIT employs approximately 5,000 people, of which 3,500 are in Finland.

The planned changes are a part of the Transformation Program YIT launched in February 2023 to improve the company’s performance and competitiveness.

For further information:
Maija Taimi, SVP, Communications, YIT, tel. +358 50 487 1561, maija.taimi@yit.fi

YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com