YIT commences cooperation negotiations in Finland – no reduction needs in production jobs at construction sites

YIT Corporation   Stock exchange release   25 August 2021 at 2:00 p.m.

YIT commences cooperation negotiations in Finland – no reduction needs in production jobs at construction sites

As YIT announced in its first quarter interim report, the company aims to improve its competitiveness by developing its operating model. The objective of this work is to, among others, optimise resources to support operations and enable efficient strategy execution. The planning of operating model concerns all YIT’s operations and operating countries, excluding Sweden and Russia.

As part of the operating model planning, YIT commences co-operation negotiations with employee representatives in Finland. The negotiations concern white-collar employees in operations in Finland. Potential reduction needs do not concern white-collar workers in production jobs and blue-collar employees working at construction sites. In Finland, the estimated number of personnel to be reduced in case of redundancies will be at the maximum of 200 employees. The estimated number of potential redundancies in the whole YIT Group will be at the maximum of 250 employees. 

”The outlook in construction looks good for the coming years. YIT needs to meet its customer demand, and we plan to further strengthen our resources at construction sites. At the same time, we also need to ensure our competitiveness. As part of YIT Group’s strategy renewal, we will modify our operating model to ensure that our organisation operates efficiently. These changes enable us to improve our profitability and ensure the successful completion of our ongoing and planned significant urban development projects”, says Markku Moilanen, the President and CEO of YIT.

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