YIT

  • ISIN: FI0009800643
  • Land: .

Nachricht vom 23.06.2010 | 08:45

YIT ACQUIRES CAVERION, A CENTRAL EUROPEAN COMPANY OFFERING TECHNICAL BUILDING SYSTEM SERVICES


YIT / 

23.06.2010 08:45

Dissemination of a Adhoc News, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.


YIT CORPORATION STOCK EXCHANGE RELEASE JUNE 23, 2010 AT 9:45 A.M. YIT ACQUIRES CAVERION, A CENTRAL EUROPEAN COMPANY OFFERING TECHNICAL BUILDING SYSTEM SERVICES YIT Corporation has agreed with the owners of Caverion GmbH that YIT will acquire the entire business of Caverion. The price of Caverion's shares is EUR 73 million. The completion of the transaction is subject to approval by the competition authorities. It is estimated that the acquisition will be completed by August 31, 2010. Caverion provides a wide range of services related to technical building systems and their maintenance and operation. Its turnover in 2009 was EUR 440 million of which 80 per cent was gained from Germany. Other countries where the company operates are the Czech Republic, Hungary and Poland. The company has project activities in other countries. Caverion has 1,900 employees. The revenue of YIT's Building and Industrial services in 2009 was EUR 2,125 million, of which EUR 375 million was from Central Europe (Germany, Austria, Poland, the Czech Republic, Hungary and Romania). YIT's personnel in Central Europe is 2,060. Germany accounted for 53 per cent of YIT's revenue in Central Europe in 2009. YIT doubles its operations in Central Europe The acquisition of Caverion is part of YIT's strategy to increase its building system operations in Central Europe. It will strengthen YIT's local market position in the Central European countries where YIT already has operations. YIT will merge the companies in each country, which will improve YIT's ability to serve its customers locally with a wide portfolio of services. As a result of the acquisition, YIT will become the second largest provider of building system services in Germany. The bigger size of German operations offers opportunities to improve efficiency and profitability. - Our aim is to develop our operations in Central Europe and become the market leader in Germany. The know-how of personnel transferring to YIT and our current personnel will complement each other in an excellent way. We target for profitable growth and increase the share of service and maintenance operations, says Arne Malonæs, President of YIT's Building and Industrial Services segment. Outlook for 2010 unchanged The acquisition will not change YIT Group's outlook for 2010. In its Interim Report of April 29, 2010, YIT estimated that in 2010 the Group's revenue will increase and profit before taxes will increase significantly compared to 2009. YIT Corporation Virva Salmivaara Senior Vice President, Corporate Communications For further information, please contact: Arne Malonæs, President of Building and Industrial Services segment, tel. +47 90 69 31 86, arne.malonas@yit.no Sakari Toikkanen, Senior Vice President, Business Development, tel. +358 40 532 2174, sakari.toikkanen@yit.fi Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 40 826 2172, hanna-maria.heikkinen@yit.fi YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Russia, the Baltic countries and Central Europe. In 2009, YIT's turnover was EUR 3.5 billion. The Group has 23,500 employees. YIT's shares are listed on NASDAQ OMX Helsinki. YIT's largest business segment is Building and Industrial Services, which provides services in all countries where YIT operates. In 2009, the segment's revenue was EUR 2,125 million and it employed 17,560 people. More information: www.yitgroup.com Caverion provides a wide range of services relating to technical building systems and their maintenance and operation in Germany, the Czech Republic, Hungary and Poland. It also has project activities in other countries. The company's turnover in 2009 was EUR 440 million and it employed 1,900 people. Caverion provides services for all building technical systems. Additionally, it manufactures ventilation and heating systems. Caverion's clients come from the automotive, microelectronics, food and pharmaceutical industry as well as bank and insurance sectors. More information: www.caverion.com News Source: NASDAQ OMX 23.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: YIT Finland Phone: Fax: E-mail: Internet: ISIN: FI0009800643 WKN: End of News DGAP News-Service

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