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STOCK EXCHANGE RELEASE JUNE 30, 2004 13.15 1(2)
SWEDEN-BASED YIT BUILDING SYSTEMS AB AND YIT CALOR AB TO MERGE AND FORM YIT AB
YIT Building Systems AB and YIT Calor AB, the Swedish subsidiaries of YIT Building Systems Oy, will merge and form a company named YIT AB. The merger will be seen to completion by September 30, 2004.
In practice, the merger will be carried out such that YIT Calor AB will acquire the business operations of YIT Building Systems AB.
YIT Calor AB will at that time be renamed YIT AB. After the merger, all operations in Sweden will be carried out under the YIT AB name.
YIT Building Systems ABs and YIT Calor ABs combined net sales in the first quarter of 2004 amounted to about one billion SEK, or about EUR 112 million. In June 2004, they had a total of around 4,100 employees. YIT ABs services comprise electrical and air- conditioning installation, property maintenance, facility management as well as electrical and piping installation for industry in Sweden.
YIT ABs president will be YIT Building Systems ABs president, Kari Kallio, M.Sc. (Eng.), (54 years of age), who is already responsible for YITs Swedish operations. YIT AB will be divided into four divisions: Electrical systems with Leif Gustafsson as director, Air conditioning with Göran Lindfors as director, Facilities Management with Jan Petersson as director, Piping systems with Håkan Bergkvist as director, earlier CFO of YIT Calor AB and to supporting functions: Personnel with Jocke Carlsson as director, Economy and finance with Bo Lönn as director.
YIT acquired YIT Calor AB in January 2001 and YIT Building Systems AB in July 2003. After the latter acquisition, YIT started up an action programme to improve the profitability of the Building Systems business functions in Sweden. The main aspects of the action programme were focusing on the core business, reducing fixed costs and downscaling operations to match demand in loss- making areas.
YIT will continue to make active outlays on the development of operations in Sweden with the aim of achieving market leadership in the field.
YIT CORPORATION
Reino Hanhinen Group CEO
For additional information, contact: Juhani Pitkäkoski, President, YIT Building Systems Oy, tel. +358 20 433 3738, juhani.pitkakoski@yit.fi Sakari Toikkanen, Vice President, YIT Building Systems Oy, tel.
+358 20 433 2336, sakari.toikkanen@yit.fi Kari Kallio, President, YIT Building Systems AB, tel. +46 21 321 002, kari.kallio@yit.se
Distribution: Helsinki Exchanges, principal media, www.yit.fi