YIT concluded cooperation negotiations on the reorganisation of the combined company in Finland
YIT Corporation Investor News April 10, 2018 at 08:00 a.m
On February 20, 2018, YIT commenced the cooperation negotiations in Finland in order to create an operating model, which supports the new YIT to become a leading urban developer in the Northern European construction market.
The number of redundancies based on eliminating double work in the organisation and streamlining the operations is at the maximum 120 employees in Finland. In addition, the same amount of personnel reduction will be carried out as natural exits, retirements and terminations of fixed-term employment contracts. The reductions do not concern white and blue-collar employees in construction sites in Finland.
In other countries of operation, the reorganization related to integration will reduce the number of personnel by 200 employees, mainly in Russia. In addition, the reorganization started in Scandinavia already before the merger has during the beginning of this year resulted in the reduction of 150 FTEs (full time equivalent).
”The reorganisation of the new YIT is progressing on schedule and according to the plans. The need for labour has been increasing in our growth areas, which has resulted in smaller amount of redundancies due to successful internal transfers. We are now moving to the integration phase where we build new YIT’s team with united and strong corporate culture as well as high level of professionalism and service capabilities. Furthermore, we also support those employees, who cannot be offered a position in our new organisation, by for example offering tailored coaching promoting re-employment", Kari Kauniskangas, President and CEO of YIT says.
For further information, please contact:
Pii Raulo, Executive Vice President, Human Resources, YIT Corporation, tel. +358 (0)40 572 3568, email@example.com
Hanna Malmivaara, Vice President, Communications, YIT Corporation, tel. +358 (0)40 561 6568, firstname.lastname@example.org
Hanna Jaakkola, 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 pro forma revenue for 2017 was over EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com