YIT starts planning to close down its Infrastructure business in Norway
YIT Corporation Investor News 1 October 2020 at 9:45 a.m.
YIT starts planning to close down its Infrastructure operations in Norway. The business in Norway scaled substantially down as a result of the sale of the Nordic paving and mineral aggregates businesses on 1 April 2020, and the outlook for the remaining Infrastructure business is weak. The potential exit from Norway is in line with YIT’s strategy to increase capital efficiency and to scale down operations which do not bring significant synergies or in which profitability does not meet the targets set.
YIT will initiate co-operation negotiations with the personnel in Norway impacting approximately 130 people. The company estimates that it will continue its operations in Norway until 2022, until all ongoing construction projects have been finalised.
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, firstname.lastname@example.org
Harri Kailasalo, Executive Vice President, Infrastructure projects segment, YIT Corporation, tel. +358 (0)400 401 538, email@example.com
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