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STOCK EXCHANGE RELEASE June 30, 2003 10:00 1 (1)
YIT SELLS ITS FINLAND- AND ESTONIA-BASED MAKROFLEX COMPANY AND BRAND TO HENKEL
YIT is divesting itself of the manufacture and marketing of sealants and thermal insulation materials. With a contract of sale signed today, YIT has sold all the shares outstanding in Makroflex Oy, which is in business in Finland, and all the shares outstanding in AS Makroflex, which operates in Estonia, to Henkel.
At the same time, YIT sold Henkel all the brands related to the above deal, including the registered trademark Makroflexö. The approval of the competition authorities is required for the deal to come into force.
The purchase price is EUR 36 million. The purchase price will be paid in cash. The capital gains from the sale amounting to about EUR 30 million before taxes will be recorded in earnings during the second quarter of 2003.
Makroflex develops, produces and markets sealants and thermal insulation materials for construction and renovation. Its factories are located in Finland and Estonia. In addition, it has marketing outlets in Russia, Sweden and Poland. In 2002, Makroflex Oys and AS Makroflexs net sales totalled about EUR 34 million and the companies employed a total of around 100 people.
In accordance with its strategy, YIT has divested itself of its industrial production operations and focused on its core business, which is to provide implementation and maintenance services for residences and for the needs of workplaces, public bodies, industry and telecommunications. With the acquisition of Makroflex, Henkel rounds out its product range and bolsters its position in Scandinavia and continental and Eastern Europe.
For additional information, contact: Esko Mäkelä, Executive Vice President, YIT Corporation, tel. +358 20 433 2258, esko.makela@yit.fi Mikko Rekola, Senior Vice President, YIT Construction Ltd, tel. +358 20 433 2127, mikko.rekola@yit.fi
YIT CORPORATION
Veikko Myllyperkiö Vice President, Corporate Communications
Distribution: Helsinki Exchanges, principal media, www.yit.fi