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International Internet Magazine. Baltic States news & analytics Monday, 01.06.2020, 22:37

Finland's YIT merges Estonian subsidiaries

BC, Tallinn, 29.01.2019.Print version
The Finnish construction group YIT has merged the company's Estonian subsidiary YIT Infra Eesti AS into AS YIT Eesti, informed LETA/BNS.

New new merged subsidiary will continue operating under the name YIT Eesti.

The merger of YIT Infra and YIT Eesti is part of a larger restructuring process. Namely, the group's subsidiaries YIT Infra Oy and YIT Talo Oy were merged into YIT Construction Ltd

Immediately after the merger, YIT Construction Ltd was renamed as YIT Finland Ltd. In addition, YIT Information Services Oy merged into YIT Corporation on Jan. 1, 2019, YIT told the Nasdaq Helsinki stock exchange.

"YIT Eesti, as the main contractor in the construction sector, is capable of providing all services offered in the sector by enterprises specializing in specific fields," Margus Poim, member of the management board of YIT Eesti, said in a press release.

Poim is to continue as the subsidiary's CEO and member of the management board. His areas of responsibility include the development of residential and commercial property and B2B projects. The board will also include Tarmo Trei as a member, whose areas of responsibility include the construction of infrastructure among others.

As the main constructor and project leader, YIT Eesti has constructed over 700 buildings in Estonia, including residential and commercial buildings, production facilities, as well as public and social housing, the company said.

YIT's most recent largest works include the reconstruction of the Tallinn Airport movement area, which involved extending a runway and the main taxiway and establishing a LED lighting based control system. Of major projects completed on the main roads, the three 2+2 road sections constructed on the Tallinn ring road are the most notable. 

The merger started in 2017, when the companies announced the start of the process. With the entry in the Commercial Register of Estonia on Jan. 25, the merger has been completed.

YIT is Finland's largest construction group operating in 11 countries and employing a workforce of approximately 10,000 people. The company's sales revenue exceeded 3.8 bn euros in 2017. YIT Oy is listed on the Nasdaq Helsinki stock exchange.

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