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YIT

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YIT Oyj
Company typeJulkinen osakeyhtiö
Nasdaq Helsinki: YIT
IndustryConstruction, services
Founded1912
HeadquartersHelsinki, Finland
Key people
Heikki Vuorenmaa (President and CEO, Jyri Luomakoski (Chairman)
Productsconstruction of housing, business premises and infrastructure
Revenue€2.2 billion (2023)[1]
€41.0 million (2023)[2]
Number of employees
~4 300 (2024)
Websitewww.yitgroup.com
The Cirrus apartment block, Finland's tallest high-rise building, constructed by YIT between 2004 and 2007.
The extension to the Eduskuntatalo, of which YIT was the lead contractor.
The Tähtiniemi Bridge in Heinola, of which YIT was the lead contractor.[3]

YIT Oyj is the largest Finnish and a significant North European construction company. YIT is headquartered in Helsinki and its stock is listed on Nasdaq Helsinki Oy. YIT develops and builds apartments, business premises and entire areas. YIT is also specialised in demanding infrastructure construction and paving. YIT operates in 8 countries: Finland, Sweden, the Baltic States, the Czech Republic, Slovakia and Poland.[4]

History

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The origins of YIT can be traced back to 1912, when Sweden's General Engineering Company (Swedish: Allmänna Ingeniörsbyrån) established a subsidiary in Finland, initially to operate in the water supply sector.[5] The Finnish translation of the group's title, Yleinen Insinööritoimisto, is the source of the name YIT. The first project undertaken by the new company was the construction of a water tower in Porvoo.[6] The firm's field of operation was gradually broadened over the following decades, but it was not until the 1970s that the company moved beyond the civil engineering sector into construction of buildings (including residential property) and industrial works.[7] In September 1987, Yleinen Insinööritoimisto merged with rival Finnish contractor Perusyhtymä Oy, creating YIT-Yhtymä (YIT Corporation).[8] Since the merger, YIT's growth into new sectors has been aided by several acquisitions: in 1995, the piping design and maintenance specialist Oy Huber Ab was acquired,[9][10] the same year that the company's shares were listed on the Helsinki Stock Exchange,[8] and the Swedish pipeline installation and maintenance firm Calor AB and its Finnish subsidiary were purchased in 2001.[11] These additions assisted a wider move into the industrial upkeep and maintenance market.[7] Primatel, the network construction and maintenance arm of the telecommunications firm Sonera, was added in 2002,[12] and a year later the building systems concerns of ABB in Russia and the Nordic and Baltic regions were acquired, further increasing YIT's presence in the service sector. In 2008 and 2010 YIT has continued expanding its operations into Central Europe.[13]

In March 2022, YIT quit all activities, such as investments and construction, in Russia because of 2022 Russian invasion of Ukraine.[14]

Current activities

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YIT's recent acquisitions have seen the company increase markedly in size - both the company's revenue and workforce more than trebled in the ten years to 2007,[15][16] making YIT the largest construction company in Finland[17][18] and the largest supplier of building systems services in the Nordic region by sales.[19] This growth is also reflected in the scope of YIT's business: long-term servicing and maintenance contracts for items such as steam boilers, piping, heating, plumbing and electricity networks and water treatment plants now account for over a quarter of annual revenues.[20] The Construction Services division, building homes, water and waste treatment plants and infrastructure ranging from railway stations to golf courses remains the group's largest source of revenue as of the end of 2006.[20]

In June 2017, the company announced its intention to acquire rival Lemminkäinen for €632 million (£553.6 million) in an all-share deal representing a 40% premium over Lemminkainen's current share price.[21] The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018.

Notable projects

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YIT was the main contractor for the Finnish Parliament building, the Pikkuparlamentti (English: Little Parliament), which was inaugurated in 2004.[22] It was also responsible for the construction of the Cirrus apartment building in Vuosaari, East Helsinki, which was completed in 2007. Cirrus is currently the second tallest high-rise building in Finland.[23][24] Other major projects built by the company include the Helsinki Fair Centre and the Töölö opera house, home of the Finnish National Opera.[9]

Ownership

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Ehrnrooth family is the biggest owner of the construction company YIT, 12.1% in the end of January 2012.[25]

Critics

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In Bani Walid in Libya, YIT constructed in silence a military factory in 1983. Company changed its name from Perusyhtymä to YIT in 1987.[26][27][28]

40 residents made complaints of ammonia observed in YIT residential constructions in St. Petersburg in September 2011. Russians add ammonia to concrete in the winter construction.[29]

Corruption in construction

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See also: Corruption in Finland

YIT was suspected of bribes for the public construction office of Helsinki in May 2012. Six people were arrested in May 2012 by order of Helsinki District Court in the investigation of corruption in Helsinki city building contracts. The advantage may have been half a million euros from several years. The investigation is on-going.[30][31][32][33] In July 2014 according to leading Finnish newspaper Helsingin Sanomat YIT is more connected than previously expected in the bribery investigation of Helsinki construction during 2003–2011.[34] YIT is suspected of involvement in the salaries without taxes and grey accountings.[35]

Other

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YIT demanded €20,000 sanctions for silence from an elderly couple in Espoo in the conflict of construction in 2011.[36]

References

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  1. ^ "YIT in brief 2023" (PDF).
  2. ^ "Annual Report 2023" (PDF). 2023.
  3. ^ Structurae. "Tähtiniemi Bridge". Retrieved 2007-08-06.
  4. ^ YIT Group. "About YIT". Archived from the original on 2010-01-24. Retrieved 2010-12-31.
  5. ^ Katko, Tapio S.; Juuti, Petri S.; Pietila, Pekka E. (1999). "Key long-term strategic decisions in water and sanitation services management in Finland, 1860–2003" (PDF). Boreal Environment Research. 11 (5): 389–400. ISSN 1239-6095. Archived from the original (PDF) on 2018-04-21. Retrieved 2007-08-07.
  6. ^ YIT Group. "Water Treatment". Archived from the original on 2007-07-29. Retrieved 2007-08-01.
  7. ^ a b YIT Group. "Annual Report 1998" (PDF). Archived from the original (PDF) on 2007-09-28. Retrieved 2007-08-07.
  8. ^ a b YIT Group. "History of YIT's share". Archived from the original on 2007-09-27. Retrieved 2007-08-07.
  9. ^ a b YIT Russia. "Parent company YIT". Archived from the original on 2007-09-27. Retrieved 2007-08-07.
  10. ^ "Finland: YIT-Yhtyma OY Acquired Huber". Mondaq. January 10, 1996. Retrieved 2007-08-07.
  11. ^ Finnish Competition Authority. "Yearbook 2002: Merger Control" (PDF). ISSN 1458-1701. Retrieved 2007-08-07.
  12. ^ "Sonera Corporation sells the share capital of Primatel Ltd. to YIT Corporation". United States Securities and Exchange Commission, Form 6K submitted by Sonera. 2002-04-24. Archived from the original on 2021-06-10. Retrieved 2007-08-07.
  13. ^ Hall, William (2003-07-04). "ABB sells half its building system unit to YIT". Financial Times. Retrieved 2007-08-07.[permanent dead link]
  14. ^ "Финская YIT прекратила инвестиции в свой бизнес в РФ" (in Russian). ТАСС. 2022-03-04.
  15. ^ "Key figures". YIT Group. Archived from the original on 2008-05-08. Retrieved 2008-04-13.
  16. ^ YIT Group. "Annual Report 1997" (PDF). Retrieved 2007-08-06.[permanent dead link]
  17. ^ Brandt, Nadja (2007-07-26). "Cap Gemini, Clarins, Infineon, LVMH: European Equity Preview". Bloomberg. Archived from the original on 2007-09-30. Retrieved 2007-08-03.
  18. ^ Dranitsyna, Yekaterina (2006-10-17). "Revenue Growth Attracts YIT". The Moscow Times. Retrieved 2007-08-03.
  19. ^ YIT Group (2002-02-04). "YIT Company Presentation". Archived from the original on 2011-01-02. Retrieved 2007-08-06.
  20. ^ a b YIT Group. "Annual Report 2006". Retrieved 2007-08-07.
  21. ^ Reuters
  22. ^ Parliament of Finland. "Parliament Annex - Little Parliament". Archived from the original on 2007-07-11. Retrieved 2007-08-02.
  23. ^ "Finland's tallest block of flats to be built in Vuosaari, Helsinki" (Press release). YIT Group. 2003-06-17. Archived from the original on 2007-09-27. Retrieved 2007-08-02.
  24. ^ Emporis. "Cirrus, Helsinki". Archived from the original on March 30, 2007. Retrieved 2007-08-11.{{cite web}}: CS1 maint: unfit URL (link)
  25. ^ Antti Herlin tankkasi YIT:tä Archived 2012-02-24 at the Wayback Machine Kauppalehti 21.02.2012
  26. ^ Kouluksi naamioitu asetehdas, Suomalaiset rakensivat Libyaan salaa valtavaa teollisuushallia Helsingin Sanomat 31.8.2011 B1
  27. ^ “Ompelukonetehdas” autiomaassa, Suomalaiset rakensivat kaikessa hiljaisuudessa miljardin markan asetehtaan Libyaan, Helsingin Sanomat 28.8.1994
  28. ^ Perusyhtymä urakoi asetehdasta Libyaan, Ilta Sanomat 28.9.1983
  29. ^ Helsingin Sanomat 10.9.2011
  30. ^ Poliittiset virkanimitykset ovat suomalaista korruptiota yle 13.1.2012 (in Finnish)
  31. ^ Helsingin rakennusvirastosta erityistilintarkastus HS 16.5.2012 A11 (in Finnish)
  32. ^ 6 detained in Helsinki construction bribery probe yle 21.5.2012 (in Finnish)
  33. ^ Lahjuksen rikoshyöty oli puoli mljoonaa, Helsingin poliisi esittänee syytteitä yli kymmenelle epäillylle HS 27.6.2012 A12 (in Finnish)
  34. ^ Epäilty: YIT tiesi lahjonnasta Helsingin Sanomat 10.7.2014
  35. ^ YIT epäillystä perusteettomasta laskutuksesta: Johto ei osallinen rikokseen yle 10.7.2014
  36. ^ YIT pelotteli sakoilla eläkeläisparia hiljaiseksi Länsiväylä 7.12.2011
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