YIT’s subsidiaries merged into YIT Finland Ltd
YIT Corporation Press release January 1, 2019 at 10. a.m.
YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. In the next stage of the merger on January 1, 2019, our subsidiaries YIT Infra Oy and YIT Talo Oy merged into YIT Construction Ltd. Immediately after the merger, YIT Construction Ltd was renamed as YIT Finland Ltd. YIT Finland Ltd will continue the current business operations of YIT Infra Oy and YIT Talo Oy under YIT Construction Ltd’s existing Business ID 1565583-5.
In addition, YIT Information Services Oy merged into YIT Corporation January 1, 2019.
The mergers proceed also in the Baltic countries. In Estonia YIT Infra Eesti AS will merge into AS YIT Eesti and the merger is expected to be legally finalised in Estonia in January. In Lithuania YIT Infra Lietuva will merge first at the beginning of January into YIT Kausta, which will thereafter be renamed UAB YIT Lietuva. In Latvia and Russia, the mergers are planned to take place during the first half of 2019. In Sweden, Norway, Denmark, Poland, Slovakia and Czech Republic there were no overlapping business functions.
The mergers are aimed at clarifying our operations both nationally and regionally to better serve our customers.
The merger in Finland will have no impact on the existing business operations of YIT Infra Oy and YIT Talo Oy. Customers are not required to take any action in response to these changes. The assets, liabilities, rights and obligations of YIT Infra Oy and YIT Talo Oy are transferred to YIT Finland Ltd under the principle of universal succession. All of our existing projects continue as planned, and we are responsible for all of our contracts in accordance with the original commitments.
For more information
Juha Jauhiainen, SVP, General Counsel, YIT Corporation, tel +358 40 725 9643, juha.jauhiainen@yit.fi
Hanna Malmivaara, SVP, Group Communications YIT Corporation, tel +35840 561 6568, hanna.malmivaara@yit.fi
YIT is the largest Finnish and significant Northern 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
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