Helsinki, 2011-09-07 08:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE SEPTEMBER 7, 2011 AT 9:00 A.M.
EXCESSIVE LEVELS OF AMMONIA OBSERVED IN YIT RESIDENTIAL UNITS IN ST. PETERSBURG
Excessive levels of ammonia have been found in the indoor air of residential units built by YIT in St. Petersburg, hindering the appropriate use of the residential units. So far, YIT has received 40 complaints from its customers concerning the quality of indoor air in the residential units. YIT will continue the investigation in cooperation with the customers.
The reason for the above-normal ammonia level is probably the composition of concrete used in the construction of building framework in the wintertime. The company will continue its investigations to ascertain the source of the ammonia with the help of local and Finnish experts. The companies that have supplied concrete to YIT are commonly used by St. Petersburg construction companies, and the materials and substances used in the production of concrete are certified in Russia.
YIT has informed its customers and will agree on required measures responsibly with its customers in accordance with the sales contracts for the residential units and Russian legislation. The company is looking into different alternatives to eliminate the ammonia problem and is negotiating on possible compensation with its concrete suppliers.
The assessment of financial impacts is still underway, and the costs depend primarily on how the problem is resolved and liabilities are allocated. It is probable that correcting the problem will have a negative financial impact on YIT Corporation.
For further information, please contact:
Hanna-Maria Heikkinen, Vice President, Investor Relations, +358 40 826 2172, hanna-maria.heikkinen@yit.fi
Kari Kauniskangas, Head of the International Construction Services segment, tel. +358 40 5190198, kari.kauniskangas@yit.fi
YIT Corporation
Hanna-Maria Heikkinen
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
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, Central Europe, Russia, and the Baltic countries. In 2010, YIT's turnover was approximately EUR 3.8 billion. The Group has nearly 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com