YIT’s co-operation negotiations have concluded in Finland

YIT Corporation Investor news 15 October 2021 at 9:00 a.m.

YIT has concluded the co-operation negotiations concerning white collar employees in Finland. The co-operation negotiations covered the transition to a more efficient, competitive, and customer-oriented operating model, as well as the implications on personnel and options related to the planned change.

The organisational changes to operate according to the new operating model have now started and they will be effective as of 1 January 2022. The estimated number of personnel to be reduced is at the maximum of 230 employees in the whole YIT Group and at the maximum of 190 employees in Finland.  

In Finland, approximately 110 reductions will be achieved through redundancies and the rest through voluntary departures, terminations of fixed-term employments and retirements. The final number will be specified as the measures progress. Reduction needs do not concern white-collar workers in production jobs and blue-collar employees working at construction sites.

YIT group employs about 7,700 people, of which 4,400 in Finland.

For further information:
Pii Raulo, Executive Vice President, Human Resources, YIT Corporation, tel. +358 40 572 3568, pii.raulo@yit.fi

YIT Corporation

Tommi Järvenpää 
Vice President, Investor Relations 

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com  

YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com