YIT CORPORATION PRESS RELEASE MARCH 24, 2011 at 9.00
YIT INTENDS TO ACQUIRE JOHNSON CONTROLS’ OPERATION IN COMMERCIAL REFRIGERATION IN SWEDEN
YIT Sverige AB and Johnson Controls Systems & Services AB have signed a letter of intent regarding YIT’s acquisition of Johnson Controls business unit for commercial refrigeration in Sweden. The intended acquisition includes all employees, customers and service agreements at the various locations in Sweden that are related to the business area. Time for takeover is scheduled for 1st of May 2011, provided that all legal requirements are met.
Johnson Controls’ unit for commercial refrigeration comprises over 100 employees operating in over 25 locations throughout Sweden and is one of the leading refrigeration companies with a focus on high refrigeration competence and high level of customer service. The proposed transaction does not involve Johnson Controls unit for industrial refrigeration, which remains in Johnson Controls’ possession.
"We see an acquisition as an important step in our strategy to become the leading company within cooling in Sweden. Along with Johnson Controls' business YIT’s cooling business will include 250 certified refrigeration technicians operating throughout the whole country. Johnson Controls will add many new customers and employees with extensive expertise in cooling, which we believe will be a perfect complement to our existing cooling business in YIT. Together we will offer the market and our customers a unique solution and expertise in cooling maintenance, cooling contracts and energy efficient solutions", says Fredrik Sederholm, CEO, YIT Sverige AB.
"This transaction will create a win-win situation for our customers and employees. The sale of our Commercial Refrigeration activities in Sweden will enable Johnson Controls to focus more on our Industrial Refrigeration business. We will scale up our efforts to grow our market share and activities across the country", says Richard van Bergen, regional vice president of the Northwest and Central regions of Industrial Refrigeration Europe for Johnson Controls. "A team of specialists within both companies will work on preparing and guiding the transition, as smoothly as we possibly can."
For futher information, please contact:
Fredrik Sederholm, CEO, YIT Sverige AB, phone +46 (0)8 705 32 00
Pontus Vrethem, Legal Manager, YIT Sverige AB, phone +46 (0)8 705 32 00
Senior Vice President, Corporate Communications
Distribution: principal media, www.yitgroup.com
YIT is a significant European services company operating in the fields of building, construction and industry. We build, develop and maintain a comfortable living environment in the Nordic countries, Central Europe, Russia and the Baltic countries. In 2010 YIT's revenue was EUR 3.8 billion. The Group employs close to 26,000 people. YIT is listed in the NASDAQ OMX Helsinki Stock Exchange.
YIT is the Swedish leader in installation and service of building system services. The company offers a complete assortment in technical installations, operations and maintenance, and facilities management. Through functional installations for, among other things, electricity, heating, ventilation, cooling, sanitation, process media, security and protection, as well as datacom and telecom networks, the services contribute to profitability, security and better living environments. YIT operates with more than 4,000 employees at approximately 100 sites in Sweden.