YIT acquisition completed
By Sandy Guthrie03 September 2010
Finnish construction company YIT has completed the acquisition of Caverion, which provides building system services in Central Europe.
The acquisition was agreed in June, but was subject to approval by competition authorities. All terms and conditions of the transaction have been fulfilled and the business operations have been transferred to YIT.
Caverion's revenue in 2009 was € 440 million with an operating profit of € 10,9 million. The 2000 employees have transferred to YIT.
In 2009, YIT's revenue in Germany, Austria, Poland, Czech Republic, Hungary and Romania was € 375 million, from an overall revenue of € 3.5 billion.
YIT said the acquisition would double its revenue in Central Europe, and it would become the second largest provider of building system services in Germany. It added that it aimed to develop its operations in Central Europe and become market leader in Germany.