Helsinki, Finland, 2014-11-21 10:00 CET (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS NOVEMBER 21, 2014 AT 11:00 A.M.
YIT increases its holding in its Slovakian subsidiary to 100 percent
YIT strengthens its position in Slovakia by increasing the holding of its Slovakian subsidiary YIT Reding from 70 percent to 100 percent. YIT acquires 30 percent of the shares from minority shareholder Ladislav Versovsky. Versovsky will continue in the service of YIT Reding as the chairman of the Board of Directors.
YIT expanded its operations to the Slovakian market in 2010 by acquiring 70 percent of the shares of the local construction company Reding a.s. from Ladislav Versovsky, the founder of the company. During the past four years, the business has developed positively, and YIT Reding was recently recognized as Developer and Construction Company of 2014 in Slovakia. The company currently employs around 150 persons.
“YIT continues to expand its business in the CEE area as stated in its strategy. The economic recovery of central Eastern European countries and demand for new apartments create good opportunities for growth,” says Tom Sandvik, the head of The Baltic countries and Central Eastern Europe business division in YIT.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Tom Sandvik, Head of The Baltic countries and Central Eastern Europe business division, YIT Construction Ltd, tel. +358 400 617 807, tom.sandvik@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