YIT has concluded co-operation negotiations and starts preparations to close down the business in Norway
YIT Corporation Investor news 13 October 2020 at 9.45 a.m.
YIT announced on 1 October 2020 that the company starts planning to close down its Infrastructure operations in Norway and initiates co-operation negotiations with the entire personnel in Norway. The co-operation negotiations have now been concluded resulting in a reduction of approximately 130 people.
Therefore, YIT starts preparations to close down the Infrastructure business in Norway. The company estimates the close down to last until 2022, until all ongoing construction projects have been finalized. As a result of the decision to close down the business, YIT will recognise a write-down of approximately EUR 12 million in the third quarter of 2020 results. The write-down will be presented as an adjusting item and therefore, it will not have an impact on adjusted operating profit. In addition, from the third quarter onwards, operating profit or loss from the businesses to be closed down will be recorded in adjusting items and will not be presented in adjusted operating profit.
The revenue of the Infrastructure business in Norway was EUR 51 million in 2019.
For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, email@example.com
Harri Kailasalo, Executive Vice President, Infrastructure projects segment, YIT Corporation, tel. +358 (0)400 401 538, firstname.lastname@example.org
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 and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction. Together with our customers, our nearly 8,000 professionals are creating more functional, attractive and sustainable cities and environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. Our revenue in 2019 was approximately EUR 3.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com