YIT KIINTEISTÖTEKNIIKKA OY ACQUIRES FROM KVAERNER MASA-YARDS ITS 40 PER CENT HOLDING IN YIT SHIPINS OY
On June 22, 2004, YIT Kiinteistötekniikka Oy, which is part of the YIT Building Systems business segment, agreed to purchase from Kvaerner Masa-Yards its 40 per cent holding in YIT Shipins Oy.
YIT Shipins Oy was established in 1997 by ABB Installaatiot Oy, which held a 60 per cent stake, and Kvaerner Masa-Yards Oy, which had a 40 per cent holding. ABB sold its shares in Shipins to YIT in connection with the sale of the Building Systems business in summer 2003.
YIT Shipins' field of business comprises end-to-end deliveries of electrical installation projects for ships. Among other contracts, the company has implemented a significant share of the electrification and commissioning works on five Voyager cruise ships. The company's annual net sales amount to about EUR 10 million and it has approximately 130 employees.
YIT is a service company offering capital investment and maintenance services for the property and construction sector and for industry and telecommunications. Its main markets are the Nordic and Baltic countries and Russia. YIT is the leading building systems company in the Nordic countries.
For additional information, contact:
Antti Rantanen, President, YIT Kiinteistötekniikka Oy, +358 50 390 0939, firstname.lastname@example.org
Pasi Merikalla, Vice President, Administration, Kvaerner Masa- Yards Oy, +358 400 318 329, email@example.com
Esko Mäkelä Executive Vice President
Distribution: Helsinki Exchanges, principal media, www.yit.fi
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