YIT
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| YIT Oyj | |
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 |
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| Type | Public (OMX: YTY1V) |
| Founded | 1912 |
| Headquarters | Helsinki, Finland |
| Key people | Hannu Leinonen (President and CEO), Reino Hanhinen (Chairman of the board) |
| Industry | Construction, Services |
| Products | Facility management and maintenance; construction of housing, infrastructure and water treatment facilities; construction, maintenance and services for industry; services for telecommunications and electricity networks |
| Revenue | €3.706 billion (2007)[1] |
| Profit | ▲ €228 million (2007)[1] |
| Employees | 23,400 (2007)[1] |
| Website | www.yitgroup.com |
YIT Oyj (YIT-Yhtymä prior to 2006-03-13[3]) is a diversified Finnish-based company, headquartered in Helsinki, which provides a range of services, mainly to other businesses. YIT's operations span three main business divisions: Building Systems provides property maintenance and management services; the Construction Services unit builds housing, large-scale infrastructure and amenities; and Industrial and Network Services provides construction and maintenance of physical plants, telecommunications and electrical power networks. Almost all of YIT's business is conducted in the Nordic countries, the Baltic countries and Russia.[4]
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[edit] History
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.[13]
[edit] Current activities
YIT's recent acquisitions have seen the company increase markedly in size - both the company's revenue and workforce have more than trebled in the last ten years,[1][14] making YIT (as of 2007) the largest construction company in Finland[15][16] and the largest supplier of building systems services in the Nordic region by sales.[17] 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.[18] 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.[18]
[edit] Notable projects
YIT was the main contractor for the Pekka Helin-designed annex to the Finnish Parliament building, the Pikkuparlamentti (English: Little Parliament), which was inaugurated in 2004.[19] 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 tallest high-rise building in Finland.[20][21] Other major projects built by the company include the Helsinki Fair Centre and the Töölö opera house, home of the Finnish National Opera.[9]
[edit] References
- ^ a b c d Key figures. YIT Group. Retrieved on 2008-04-13.
- ^ Structurae. Tähtiniemi Bridge. Retrieved on 2007-08-06.
- ^ YIT Group (2006-03-13). Resolutions passed at YIT Corporation’s Annual General Meeting. Retrieved on 2007-08-01.
- ^ YIT Group. YIT in brief. Retrieved on 2007-08-01.
- ^ 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”, Boreal Environment Research 11 (5): 389–400, ISSN 1239-6095, <http://www.borenv.net/BER/pdfs/ber11/ber11-389.pdf>. Retrieved on 2007-08-07
- ^ YIT Group. Water Treatment. Retrieved on 2007-08-01.
- ^ a b YIT Group. Annual Report 1998. Retrieved on 2007-08-07.
- ^ a b YIT Russia. Parent company YIT. Retrieved on 2007-08-07.
- ^ Finland: YIT-Yhtyma OY Acquired Huber. Mondaq (January 10, 1996). Retrieved on 2007-08-07.
- ^ Finnish Competition Authority. Yearbook 2002: Merger Control. Retrieved on 2007-08-07.
- ^ United States Securities and Exchange Commission, Form 6K submitted by Sonera (2002-04-24). SONERA CORPORATION SELLS THE SHARE CAPITAL OF PRIMATEL LTD TO YIT CORPORATION. Retrieved on 2007-08-07.
- ^ Hall, William. "ABB sells half its building system unit to YIT", Financial Times, 2003-07-04. Retrieved on 2007-08-07.
- ^ YIT Group. Annual Report 1997. Retrieved on 2007-08-06.
- ^ Brandt, Nadja. "Cap Gemini, Clarins, Infineon, LVMH: European Equity Preview", Bloomberg, 2007-07-26. Retrieved on 2007-08-03.
- ^ Dranitsyna, Yekaterina. "Revenue Growth Attracts YIT", The Moscow Times, 2006-10-17. Retrieved on 2007-08-03.
- ^ YIT Group (2002-02-04). YIT Company Presentation. Retrieved on 2007-08-06.
- ^ a b YIT Group. Annual Report 2006. Retrieved on 2007-08-07.
- ^ Parliament of Finland. Parliament Annex - Little Parliament. Retrieved on 2007-08-02.
- ^ YIT Group (2003-06-17). "Finland's tallest block of flats to be built in Vuosaari, Helsinki". Press release. Retrieved on 2007-08-02.
- ^ Emporis. Cirrus, Helsinki. Retrieved on 2007-08-11.
[edit] External links
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