Type | Julkinen osakeyhtiö |
---|---|
Nasdaq Helsinki: YIT | |
Industry | Construction, services |
Founded | 1912 |
Headquarters | Helsinki, Finland |
Key people | Heikki Vuorenmaa (President and CEO , Harri-Pekka Kaukonen (Chairman) |
Products | construction of housing, business premises and infrastructure |
Revenue | €3.4 billion (2019) [1] |
€73.0 million (2019) [2] | |
Number of employees | ~7 500 (2019) |
Website | www.yitgroup.com |
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 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. [4]
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]
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.
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]
Ehrnrooth family is the biggest owner of the construction company YIT, 12.1% in the end of January 2012. [25] Henrik Ehrnrooth is the chairman of the YIT Board of Directors since 2009. [26]
In Bani Walid in Libya, YIT constructed in silence a military factory in 1983. Company changed its name from Perusyhtymä to YIT in 1987. [27] [28] [29]
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. [30]
YIT was suspected of bribes for the public construction office of Helsinki in May 2012. Six person 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. [31] [32] [33] [34] 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. [35] YIT is suspected of involvement in the salaries without taxes and grey accountings. [36]
YIT demanded €20,000 sanctions for silence from an elderly couple in Espoo in the conflict of construction in 2011. [37]
Helsingin Sanomat, abbreviated HS and colloquially known as Hesari, is the largest subscription newspaper in Finland and the Nordic countries, owned by Sanoma. Except after certain holidays, it is published daily. Its name derives from that of the Finnish capital, Helsinki, where it is published. It is considered a newspaper of record for Finland.
Vuosaari is a neighbourhood in the City of Helsinki, Finland. It is located by the sea in East Helsinki and with its area of 15.38 km2 (5.94 sq mi) is geographically the largest district in the city. It also has two Helsinki Metro stations, Rastila and Vuosaari
Stora Enso Oyj develops and produces solutions based on wood and biomass for a range of industries and applications worldwide. They have headquarters in Helsinki, Finland and Stockholm, Sweden. The majority of sales takes place in Europe, but there are also significant operations in Asia and South America. Stora Enso was formed in 1998, when the Swedish mining and forestry products company Stora AB merged with the Finnish forestry products company Enso Oyj. In 2021, the average number of employees was over 23,000. In 2015, Stora Enso was ranked seventh in the world by sales and fourth by earnings, among forest, paper and packaging industry companies. For the first two quarters of 2018, the company was ranked second by net earnings among European forest and paper industry companies. The corporate history can be traced back to the oldest known preserved share certificate in the world, issued in 1288. Based on this, some observers consider Stora Enso to be the oldest limited liability company in the world.
Vuosaari metro station is the ground-level terminus station of the M1 line of the Helsinki Metro. It serves the district of Vuosaari in East Helsinki.
Länsimetro is an extension to the Helsinki Metro system in Finland, which opened on 18 November 2017. Länsimetro extends the system's two lines, M1 and M2, from Central Helsinki to the neighbouring city of Espoo. The new stretch continues the lines from the existing Ruoholahti station via the island of Lauttasaari, the Aalto University Otaniemi campus and Tapiola, the terminus of line M2. Line M1 continues further west to Matinkylä. Unlike previous extensions to the Helsinki Metro system, Länsimetro runs entirely underground. The second phase opened on 3 December 2022 and continues the line further west to Kivenlahti, near the municipal border of Kirkkonummi.
Trams in Helsinki form part of the public transport system organised by Helsinki Regional Transport Authority and operated by Metropolitan Area Transport Ltd in Finland's capital city of Helsinki. The trams are the main means of transport in the city centre, and 56.8 million trips were made on the system in 2019. In addition to the older tram network, there is a single light rail line that was opened in October 2023. Although technically compatible with the tram network, the light rail line is separate from the tram network.
Pasila is a part of Helsinki, Finland, that is both a central-northern neighbourhood and district, bordering the areas of Alppila to the south, the Central Park (Keskuspuisto) to the west, and Vallila to the east.
Antti Herlin is a Finnish billionaire businessman and the chairman of the Finnish KONE Corporation, as well as the richest person in Finland – as of May 2021 Forbes reported his net worth as $7.0 billion, naming him the 404th richest person in the world. He is also the former chairman of the Confederation of Finnish Industries.
DNA Oyj is a Finnish telecommunications group that provides voice, data and TV services. In December 2020, it had over 3.5 million subscription customers. 2.7 million of the customers were using a mobile network and 0.9 million were using a fixed network. DNA is a wholly owned subsidiary of Telenor.
Lemminkäinen Group was a Finnish company that operated in the construction industry. Its business areas were building construction and infrastructure construction. The company operated in Finland, Scandinavia, Baltic countries and Russia.
Jätkäsaari is a peninsula and a quarter in Helsinki, the capital city of Finland. It is part to the Kampinmalmi district and Länsisatama neighbourhood. It was the site of the main container harbour in Helsinki until late 2008, when the harbour moved to the new facilities in Vuosaari. The terminals for passenger ferries to Tallinn and Saint Petersburg remain in Jätkäsaari at the West Harbour.
Jussi Kristian Halla-aho is a Finnish politician, serving as the Speaker of the Parliament of Finland since 2023. Halla-aho has served as a member of the Parliament of Finland from 2011 to 2014 and again since 2019, and as the leader of the Finns Party from 10 June 2017 to 14 August 2021. Previously, between 2014 and 2019, he was a member of the European Parliament, where he was part of the Identity and Democracy group.
Munkkivuori is a quarter of the Munkkiniemi neighbourhood in Helsinki. The buildings and the plan of site are typical of the late 1950s. Most of the residential buildings in Munkkivuori are within a loop formed by Ulvilantie ring road. The automotive traffic to the residential buildings is routed along Ulvilantie whereas Raumantie no through road terminating in the center of the Ulvilantie loop provides access to public services and limits the through-traffic in residential areas. A designed network of crushed stone walkways provides easy accessibility around Munkkivuori for cyclists, pedestrians and other non-automotive traffic.
Senate Properties is a Finnish unincorporated state-owned enterprise, which manages a major part of the real estate assets owned by the Republic of Finland.
Pohjalainen was a morning broadsheet newspaper published in Vaasa, Finland. The paper was in circulation from 1903 to 2020.
Arctech Helsinki Shipyard was a Finnish shipbuilding company that focused primarily on icebreakers and other icegoing vessels for arctic conditions.
Finland's overall corruption is relatively low, according to public opinion and global indexes and standards. The 2022 Corruption Perceptions Index released by Transparency International scored Finland at 87 on a scale from 0 to 100. When ranked by score, Finland shared second place with New Zealand among the 180 countries in the Index, where the country or countries ranked first are perceived to have the most honest public sector. For comparison, the best score was 90, the worst score was 12 and the average was 43.
Guggenheim Helsinki Plan was an initiative to establish a Guggenheim museum in Helsinki, Finland. A proposal was introduced to the Helsinki City Council in 2011. After rejection of the initial plan in 2012, a new plan, introduced in 2013, was considered and finally rejected in 2016.
Georg Carl Casimir Ehrnrooth was a Finnish politician and lawyer. He was a member of the Parliament for Helsinki from 1958 to 1979 and again from 1983 to 1987. He initially represented the Swedish People's Party of Finland but in 1973 he left the party and formed a new political party called the Constitutional People's Party, later known as the Constitutional Right Party. He served as its leader from 1974 to 1992.
The Asemapäällikönhovi building is a mixed-use complex located at Asemapäällikönkatu 3, in the Eastern Pasila (Itä-Pasila) area of the district of Pasila in Helsinki, Finland.