Investment and Project Committee for YIT’s Board of Directors
- Stock exchange release
YIT commences co-operation negotiations in order to reorganise the combined company
YIT Corporation Stock exchange release February 12, 2018 at 2:30 p.m.
YIT and Lemminkäinen executed a merger into YIT on February 1, 2018. YIT’s operating model is being adopted to correspond the needs of the combined company. The target for the reorganisation is to create an operating model, which supports the new YIT to become a leading urban developer in the Northern European construction market and enables YIT to provide its customers even more diverse range of services and solutions for housing, business premises and renovation construction as well as infrastructure construction and paving.
”Following the intense period of merger planning we want to, as quickly as possible, build a whole and united organisation and corporate culture, in which our personnel is able to efficiently provide excellent customer service, making use of our smartest ways of working”, says Kari Kauniskangas, the President and CEO of YIT.
The estimated number of personnel to be reduced in case of redundancies is at the maximum 460 employees. The planned changes will be effecting mostly the businesses in Finland and Russia.
In Finland, YIT is commencing co-operation negotiations regarding possible changes in organisation and company structure, changes to roles and responsibilities and harmonising employment terms and benefits. The estimated number of personnel to be reduced in case of redundancies in Finland is at the maximum 240 employees. Reduction needs do not concern white and blue-collar employees in construction sites. The possible measures following the negotiations are planned to be carried out by the end of year 2018.
For further information, please contact:
Pii Raulo, Executive Vice President, Human Resources, YIT Corporation, tel. +358 (0)40 572 3568, firstname.lastname@example.org
Hanna Malmivaara, Vice President, Communications, YIT Corporation, tel. +358 (0)40 561 6568, email@example.com
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers our 10,000 professionals are creating more functional, more attractive and more sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our combined annual revenue for 2017 was over EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com