YIT

Infobox Company
company_name = YIT Oyj
company_
company_type = Public (OMX|HEX24397|YTY1V)
foundation = 1912
location = 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
slogan = "Together we can do it."
revenue = €3.706 billion (2007)cite web|url=http://www.yitgroup.com/services/investors/31302|title=Key figures|publisher=YIT Group|accessdate=2008-04-13]
net_income = profit €228 million (2007)
num_employees = 23,400 (2007)
homepage = [http://www.yitgroup.com/ www.yitgroup.com]
intl = yes, of which YIT was the lead contractor. [cite web
url=http://en.structurae.de/structures/data/index.cfm?ID=s0000584
title=Tähtiniemi Bridge
last=Structurae
accessdate=2007-08-06] ] YIT Oyj (YIT-Yhtymä prior to 2006-03-13 [cite web
url=http://www.yitgroup.com/Content.aspx?path=16407;16412;30910;31203
title=Resolutions passed at YIT Corporation’s Annual General Meeting
last=YIT Group
accessdate=2007-08-01
date=2006-03-13] ) 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. [cite web
url=http://www.yitgroup.com/services/company/in_brief
title=YIT in brief
last=YIT Group
accessdate=2007-08-01]

History

The origins of YIT can be traced back to 1912, when Sweden's General Engineering Company ( _sv. Allmänna Ingeniörsbyrån) established a subsidiary in Finland, initially to operate in the water supply sector. [Citation
last1 = Katko | first1 = Tapio S.
last2 = Juuti | first2 = Petri S.
last3 = Pietila| first3 = Pekka E.
title = Key long-term strategic decisions in water and sanitation services management in Finland, 1860–2003
journal = Boreal Environment Research
volume = 11
issue = 5
pages = 389–400
year = 1999
url = http://www.borenv.net/BER/pdfs/ber11/ber11-389.pdf
accessdate = 2007-08-07
id = ISSN 1239-6095 ] 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. [cite web
url=http://www.yitgroup.com/services/industry/31565
title=Water Treatment
last=YIT Group
accessdate=2007-08-01] 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.cite web
url=http://yittilaukset.yit.fi/projektit/yitvk1998e.pdf
title=Annual Report 1998
last=YIT Group
accessdate=2007-08-07] In September 1987, Yleinen Insinööritoimisto merged with rival Finnish contractor Perusyhtymä Oy, creating YIT-Yhtymä (YIT Corporation).cite web
url=http://www.yitgroup.com/services/investors/31301/30048/30071
title=History of YIT's share
last=YIT Group
accessdate=2007-08-07] 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,cite web
url=http://english.yit.ru/16474/16486/18764/18765/18766/18767
title=Parent company YIT
last=YIT Russia
accessdate=2007-08-07] [cite web
url=http://www.mondaq.com/article.asp?articleid=5920&searchresults=1
title=Finland: YIT-Yhtyma OY Acquired Huber
publisher=Mondaq
accessdate=2007-08-07
date=January 10, 1996] the same year that the company's shares were listed on the Helsinki Stock Exchange, and the Swedish pipeline installation and maintenance firm Calor AB and its Finnish subsidiary were purchased in 2001. [cite web
url=http://www.kilpailuvirasto.fi/tiedostot/vuosikirja-2002-englanti.pdf
title=Yearbook 2002: Merger Control
last=Finnish Competition Authority
accessdate=2007-08-07
id=ISSN: 1458–1701] These additions assisted a wider move into the industrial upkeep and maintenance market. Primatel, the network construction and maintenance arm of the telecommunications firm Sonera, was added in 2002, [cite web
url=http://www.secinfo.com/dRqWm.3ftz.htm
title=SONERA CORPORATION SELLS THE SHARE CAPITAL OF PRIMATEL LTD TO YIT CORPORATION
last=United States Securities and Exchange Commission, Form 6K submitted by Sonera
date=2002-04-24
accessdate=2007-08-07] 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. [cite news
last = Hall
first = William
title = ABB sells half its building system unit to YIT
publisher = Financial Times
date = 2003-07-04
url = http://search.ft.com/iab?queryText=YIT&aje=true&id=030704001715&location=http%3A%2F%2Fsearch.ft.com%2FftArticle%3FqueryText%3DYIT%26aje%3Dtrue%26id%3D030704001715&referer=http%3A%2F%2Fsearch.ft.com%2Fsearch%3FqueryText%3DYIT
accessdate = 2007-08-07]

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, [cite web
url=http://helecon3.hse.fi/FI/yrityspalvelin/pdf/1997/eyit.pdf
title=Annual Report 1997
last=YIT Group
accessdate=2007-08-06] making YIT (as of 2007) the largest construction company in Finland [cite news
last = Brandt
first = Nadja
title = Cap Gemini, Clarins, Infineon, LVMH: European Equity Preview
publisher = Bloomberg
date = 2007-07-26
url = http://quote.bloomberg.com/apps/news?pid=20601100&sid=ajKQ1t1m5zZw&refer=germany
accessdate = 2007-08-03] [cite news
last = Dranitsyna
first = Yekaterina
title = Revenue Growth Attracts YIT
publisher = The Moscow Times
date = 2006-10-17
url = http://www.themoscowtimes.com/stories/2006/10/17/049.html
accessdate = 2007-08-03] and the largest supplier of building systems services in the Nordic region by sales. [cite web
url=http://www.yit.fi/attachment.asp?path=1;1574;1591;26340
title=YIT Company Presentation
last=YIT Group
date=2002-02-04
accessdate=2007-08-06] 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.cite web
url=http://www.euroland.com/arinhtml/sf-yty/2006/ar_eng_2006/index.htm
title=Annual Report 2006
last=YIT Group
accessdate=2007-08-07] 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.

Notable projects

YIT was the main contractor for the Pekka Helin-designed annex to the Finnish Parliament building, the Pikkuparlamentti ( _en. Little Parliament), which was inaugurated in 2004. [cite web
url=http://web.eduskunta.fi/Resource.phx/parliament/aboutparliament/presentation/annex.htx
title=Parliament Annex - Little Parliament
last=Parliament of Finland
accessdate=2007-08-02] 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. [cite press release
title=Finland's tallest block of flats to be built in Vuosaari, Helsinki
publisher=YIT Group
url=http://www.yitgroup.com/Content.aspx?path=16407;16412;30910;30970
date=2003-06-17
accessdate=2007-08-02] [cite web
url=http://www.emporis.com/en/wm/bu/?id=cirrus-helsinki-finland
title=Cirrus, Helsinki
last=Emporis
accessdate=2007-08-11] Other major projects built by the company include the Helsinki Fair Centre and the Töölö opera house, home of the Finnish National Opera.

References

External links

* [http://www.yitgroup.com/ Official website]
** [http://www.yitgroup.com/services/company/in_brief/31781 Company history]