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RELEASE JUNE 23, 2004 9:00 1 (1)
YIT KIINTEISTÖTEKNIIKKA OY ACQUIRES FROM KVAERNER MASA-YARDS ITS 40 PER CENT HOLDING IN YIT SHIPINS OY
On June 22, 2004, YIT Kiinteistötekniikka Oy, which is part of the YIT Building Systems business segment, agreed to purchase from Kvaerner Masa-Yards its 40 per cent holding in YIT Shipins Oy.
YIT Shipins Oy was established in 1997 by ABB Installaatiot Oy, which held a 60 per cent stake, and Kvaerner Masa-Yards Oy, which had a 40 per cent holding. ABB sold its shares in Shipins to YIT in connection with the sale of the Building Systems business in summer 2003.
YIT Shipins' field of business comprises end-to-end deliveries of electrical installation projects for ships. Among other contracts, the company has implemented a significant share of the electrification and commissioning works on five Voyager cruise ships. The company's annual net sales amount to about EUR 10 million and it has approximately 130 employees.
YIT is a service company offering capital investment and maintenance services for the property and construction sector and for industry and telecommunications. Its main markets are the Nordic and Baltic countries and Russia. YIT is the leading building systems company in the Nordic countries.
For additional information, contact:
Antti Rantanen, President, YIT Kiinteistötekniikka Oy, +358 50 390 0939, antti.rantanen@yit.fi
Pasi Merikalla, Vice President, Administration, Kvaerner Masa- Yards Oy, +358 400 318 329, pasi.merikalla@masa-yards.fi
YIT CORPORATION
Esko Mäkelä Executive Vice President
Distribution: Helsinki Exchanges, principal media, www.yit.fi