Helsinki, Finland, 2014-10-01 13:30 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS OCTOBER 1, 2014 AT 2:30 P.M.
YIT to start new road maintenance contracts in October
This year, YIT has won road maintenance contracts in Kuhmo, Espoo, Mikkeli, Salo, Jyväskylä, Oulu and Helsinki. The total value of the contracts is over EUR 80 million. The contracts start October 1, 2014, and cover five years, with the exception of Oulu which will cover three years. Of the maintenance contracts, EUR 43 million was recorded to the order backlog of the second quarter and the rest to the third quarter. The contracts increased YIT’s market share in road management and maintenance to 27.3% (ELY contracts). In the municipal sector, YIT is a leading private operator.
Two of the maintenance contracts are executed with new models. Espoo’s regional contract was chosen as the pilot for the new maintenance management model due to its diversity and demanding management priority classification. In the management model, decision making is implemented together between the parties, which enables deeper cooperation between the orderer and the contractor.
Helsinki’s regional Pakila contract is executed with an alliance model which has previously been mainly applied to construction projects in Finland. The regional Pakila project will act as a pilot project for implementing the model to maintenance and it is used to map, among other things, the effects of fluctuating winter conditions to the resourcing and expenses of the roads. In an alliance, the parties form an organisation that strives for one cost target and target level, with the objective of doing what is “best for the project”.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, +358 50 390 6750 sanna.kaje@yit.fi
Jarkko Salmenoja, Head of Unit, YIT Construction Ltd, tel. +358 40 356 7057, jarkko.salmenoja@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com