YIT CORPORATION PRESS RELEASE OCT 7, 2010 AT 14.00 EET
YIT'S ACQUISITION OF SLOVAKIAN CONSTRUCTION COMPANY REDING COMPLETED
YIT International Construction Services has finalized the acquisition of Reding
a.s., a Slovakian construction company. The completion of the transaction was
approved by the competition authorities of Slovakia. YIT acquired 70 percent of
the company's shares from its founder Ladislav Versovsky. Mr. Versovsky will
continue as the Chairman of the Board of the company and a shareholder with a 30
percentage holding.
Reding is a construction company concentrating on residential and commercial
buildings. The company has a good market position in Bratislava and its
neighbouring areas. Reding's net sales during previous years amounts
approximately EUR 30 million. The company was established in 1997 and it has 150
employees.
The company will continue to operate as a general contractor as well as a
developer of residential and commercial projects under the name YIT Reding.
“The acquisition provides us a good foothold on the Slovakian market. The
company has a competent personnel and management, and its reputation on the
market is good. The company has several ongoing construction projects, and it
also has some plots for future housing and real estate development projects”,
says Jouni Forsman, Director of YIT's construction services in Baltic and
Central Eastern Europe.
“We want to be a reliable partner for our customers and continue to offer high
quality services also in the future. By combining the knowledge of local
personnel with international experience of YIT we can develop our services and
increase our competitiveness. The financial strength of YIT improves the
possibility to grow faster in residential and commercial development business”,
says Ladislav Versovsky, Chairman of the Board of YIT Reding.
For further information, please contact
Kari Kauniskangas, Head of International Construction Services, tel. +358 40 519
0198, kari.kauniskangas@yit.fi
Ladislav Versovsky, YIT Reding, Chairman of the Board, tel. +421903444598,
ladislav.versovsky@yit.sk
YIT Corporation
Virva Salmivaara
Senior Vice President, Corporate Communications
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 revenue was EUR 3.5 billion. The Group has more
than 25,500 employees. YIT is the largest construction company in Finland. YIT
is the leading foreign housing developer in Russia and a major construction
company in all Baltic countries. YIT's shares are listed on NASDAQ OMX Helsinki.
For additional information, please contact: www.yitgroup.com
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