Caverion

Caverion Corporation was established through the partial demerger of YIT Corporation on June 30, 2013 when YIT's Building Services and Industrial Services operations were transferred to it as an independent company. The company designs, builds and maintains user-friendly and energy-efficient building systems and offers industrial services. In 2012, its revenue amounted to approximately EUR 2.8 billion. The company has over 18,000 employees in 13 countries in Northern and Central Europe.^[1]

History

The history of the present YIT Corporation began in 1912, when the Swedish consulting engineering company Allmänna Ingeniörsbyrån (AIB) established a branch office in Helsinki. Finnish business men continued the operations by establishing a company named Ab Almänna Ingeniörsbyrån - Yleinen Insinööritoimisto Oy in 1920. Yleinen Insinööritoimisto (later YIT) became the leading builder of water supply plants in Finland and built water supply systems for most of Finland's cities. Towards the end of the 1930s, the operations expanded into water management systems for the forest industry, at the end of 1940s into the import and trade of water supply pipes and in the mid 1950s also to other areas of construction. In the 1970s, YIT began to provide property service and maintenance as well as technical expertise in addition to its core construction competence. YIT also expanded its operations into the maintenance of steel structures and industrial pipelines.^[2]

Key mergers and acquisitions

1995

YIT expanded its operations from construction into building systems by acquiring Huber Oy, specialist in industrial projects, maintenance and plumbing work. Huber was the leading company in this field in Finland and with it YIT also gained a foothold in the Swedish market. With the acquisition, YIT became a significant building systems and industrial service company.

2001

YIT acquired the Swedish building systems company, Calor Ab. This acquisition made YIT a major industrial pipeline and HV contractor in Sweden.

2003

Acquisition of ABB's building systems complemented the YIT's water and heating technology competence with ABB's competence in electric and ventilation systems, and provided new business in Sweden, Norway, Denmark, the Baltic Countries and Russia. YIT's personnel doubled as a result of the acquisition.

2008

Building systems services were expanded into six new countries in Central Europe - Germany, Austria, Poland, the Czech Republic, Hungary and Romania, after YIT acquired the building systems business of MCE AG in these countries in 2008.

2010

YIT acquired the German building services company Caverion GmbH. As a result of the acquisition, Building Services became YIT's largest segment in terms of revenue and number of personnel. The revenue from Central Europe doubled and YIT became the second largest provider of building systems services in Germany measured by revenue. (source: The management's estimate based on public information from third parties.^[2])

2013

Caverion Corporation was established through the partial demerger of YIT Corporation on June 30, 2013 when YIT's Building Services and Industrial Services operations were transferred to an independent company. Trading in Caverion Corporation's shares at Helsinki Stock Exchange (NASDAQ OMX Helsinki Ltd) began July 1, 2013.^[3]

Corporate Governance

Fredrik Strand is the President and CEO of Caverion Corporation^[4]He succeeded the initial president, Juhani Pitkäkosk.^{[5] [6]}

Services and products

The Building Services cover the life cycle of the property, from the design and installation of the building systems to their service, maintenance and facility management. The services cover all building systems in properties, including HVAC systems, security, fire safety and telecommunication systems as well as the automation that controls them. The services include project deliveries of technical systems and processes to the industry, industrial service and maintenance as well as modernisation projects..^[2]

Sources

1. "Trading in Caverion Corporation’s shares begins at Helsinki Stock Exchange today". Nasdaq OMX. July 1, 2013.
2. "Registration document" (PDF). Nordea.
3. "Trading in Caverion Corporation’s shares begins at Helsinki Stock Exchange today". Nasdaq OMX. July 1, 2013.
4. "Mr. Fredrik Strand Takes Up The Position As The President And Ceo Of Caverion Corporation Today On April 1". Nasdaq OMX. April 1, 2014.
5. "Management and Management Boards of Caverion Corporation and YIT Corporation – Conditional decision by YIT’s Board of Directors". Nasdaq OMX. May 3, 2013.
6. "Fredrik Strand will be appointed as President and CEO of Caverion Corporation". Nasdaq OMX. January 20, 2014.