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YIT

From Wikipedia, the free encyclopedia
Finnish construction company
YIT Oyj
Company typeJulkinen osakeyhtiö
Nasdaq HelsinkiYIT
IndustryConstruction,services
Founded1912
HeadquartersHelsinki,Finland
Key people
Heikki Vuorenmaa(President andCEO, Jyri Luomakoski(Chairman)
Productsconstruction ofhousing,business premises andinfrastructure
Revenue2.2 billion(2023)[1]
€41.0 million(2023)[2]
Number of employees
~4 300(2024)
Websitewww.yitgroup.com
TheCirrus apartment block, Finland's tallest high-rise building, constructed by YIT between 2004 and 2007.
Theextension to theEduskuntatalo, of which YIT was the lead contractor.
The Tähtiniemi Bridge inHeinola, of which YIT was the lead contractor.[3]

YIT Oyj is the largest Finnish and a significant North European construction company. YIT is headquartered inHelsinki 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, whenSweden's General Engineering Company (Swedish:Allmänna Ingeniörsbyrån) established a subsidiary in Finland, initially to operate in the water supply sector.[5] TheFinnish translation of the group's title,YleinenInsinööritoimisto, is the source of the name YIT. The first project undertaken by the new company was the construction of awater tower inPorvoo.[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 thecivil engineering sector into construction ofbuildings (including residential property) and industrial works.[7] In September 1987,YleinenInsinööritoimistomerged with rival Finnishcontractor 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, thepiping design and maintenance specialist Oy Huber Ab was acquired,[9][10] the same year that the company'sshares were listed on theHelsinki Stock Exchange,[8] and the Swedishpipeline installation and maintenance firm Calor AB and its Finnishsubsidiary 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 firmSonera, was added in 2002,[12] and a year later the building systems concerns ofABB 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 of2022 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'srevenue andworkforce more than trebled in the ten years to 2007,[15][16] making YIT the largestconstruction 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 assteam boilers, piping, heating, plumbing and electricity networks andwater treatment plants now account for over a quarter of annual revenues.[20] The Construction Services division, building homes, water andwaste treatment plants and infrastructure ranging fromrailway stations togolf 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 rivalLemminkäinen 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 theFinnish Parliament building, thePikkuparlamentti (English:Little Parliament), which was inaugurated in 2004.[22] It was also responsible for the construction of theCirrus apartment building inVuosaari,East Helsinki, which was completed in 2007. Cirrus is currently thesecond tallest high-rise building in Finland.[23][24] Other major projects built by the company include theHelsinki Fair Centre and theTöölö opera house, home of theFinnish 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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InBani 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 newspaperHelsingin 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". Retrieved2007-08-06.
  4. ^YIT Group."About YIT". Archived fromthe original on 2010-01-24. Retrieved2010-12-31.
  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 fromthe original(PDF) on 2018-04-21. Retrieved2007-08-07.
  6. ^YIT Group."Water Treatment". Archived fromthe original on 2007-07-29. Retrieved2007-08-01.
  7. ^abYIT Group."Annual Report 1998"(PDF). Archived fromthe original(PDF) on 2007-09-28. Retrieved2007-08-07.
  8. ^abYIT Group."History of YIT's share". Archived fromthe original on 2007-09-27. Retrieved2007-08-07.
  9. ^abYIT Russia."Parent company YIT". Archived fromthe original on 2007-09-27. Retrieved2007-08-07.
  10. ^"Finland: YIT-Yhtyma OY Acquired Huber".Mondaq. January 10, 1996. Retrieved2007-08-07.
  11. ^Finnish Competition Authority."Yearbook 2002: Merger Control"(PDF).ISSN 1458-1701. Retrieved2007-08-07.
  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 fromthe original on 2021-06-10. Retrieved2007-08-07.
  13. ^Hall, William (2003-07-04)."ABB sells half its building system unit to YIT".Financial Times. Retrieved2007-08-07.[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 fromthe original on 2008-05-08. Retrieved2008-04-13.
  16. ^YIT Group."Annual Report 1997"(PDF). Retrieved2007-08-06.[permanent dead link]
  17. ^Brandt, Nadja (2007-07-26)."Cap Gemini, Clarins, Infineon, LVMH: European Equity Preview".Bloomberg. Archived fromthe original on 2007-09-30. Retrieved2007-08-03.
  18. ^Dranitsyna, Yekaterina (2006-10-17)."Revenue Growth Attracts YIT".The Moscow Times. Retrieved2007-08-03.
  19. ^YIT Group (2002-02-04)."YIT Company Presentation". Archived fromthe original on 2011-01-02. Retrieved2007-08-06.
  20. ^abYIT Group."Annual Report 2006". Retrieved2007-08-07.
  21. ^Reuters
  22. ^Parliament of Finland."Parliament Annex - Little Parliament". Archived fromthe original on 2007-07-11. Retrieved2007-08-02.
  23. ^"Finland's tallest block of flats to be built in Vuosaari, Helsinki" (Press release). YIT Group. 2003-06-17. Archived fromthe original on 2007-09-27. Retrieved2007-08-02.
  24. ^Emporis."Cirrus, Helsinki". Archived from the original on March 30, 2007. Retrieved2007-08-11.
  25. ^Antti Herlin tankkasi YIT:täArchived 2012-02-24 at theWayback MachineKauppalehti 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

External links

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Companies listed onNasdaq Helsinki
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