.svg) | |
| Company type | Julkinen osakeyhtiö |
|---|---|
| Nasdaq Helsinki: YIT | |
| Industry | Construction,services |
| Founded | 1912 |
| Headquarters | Helsinki,Finland |
Key people | Heikki Vuorenmaa(President andCEO, Jyri Luomakoski(Chairman) |
| Products | construction ofhousing,business premises andinfrastructure |
| Revenue | €2.2 billion(2023)[1] |
| €41.0 million(2023)[2] | |
Number of employees | ~4 300(2024) |
| Website | www.yitgroup.com |
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]
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]
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.
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]
Ehrnrooth family is the biggest owner of the construction company YIT, 12.1% in the end of January 2012.[25]
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]
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]
YIT demanded €20,000 sanctions for silence from an elderly couple in Espoo in the conflict of construction in 2011.[36]
