YIT International Construction Services has finalised the acquisition of Reding a.s., a Slovak construction company. The completion of the transaction was approved by the competition authorities of Slovakia. YIT acquired 70 percent of the company’s shares from its founder Ladislav Veršovský.
Mr. Veršovský will continue as the Chairman of the Board of the company and a shareholder with a 30 percent holding.
Reding is a construction company concentrating on residential and commercial buildings. The company has a good market position in Bratislava and its neighbouring areas. Reding’s net sales during previous years amounts to approximately EUR 30 million. The company was established in 1997 and has 150 employees.
The company will continue to operate as a general contractor as well as a developer
of residential and commercial projects under the name YIT Reding a.s.
“The acquisition provides us with a good foothold on the Slovak market. The company has competent personnel and management, and its reputation on the market is good. The company has several ongoing construction projects, and it also has some plots for future housing and real estate development projects,” says Jouni Forsman, Director of YIT's construction services in Baltic and Central Eastern Europe.
“We want to be a reliable partner for our customers and continue to offer high quality services in the future. By combining the knowledge of local personnel with the international experience of YIT we can develop our services and increase our competitiveness. The financial strength of YIT improves on the possibility to grow faster in the residential and commercial development business,” says Ladislav Veršovský, Chairman of the Board of YIT Reding a.s.
YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Russia, the Baltic countries and Central Europe. In 2009, YIT's turnover was EUR 3.5 billion. The Group has more than 25.500 employees. YIT is the largest construction company in Finland. YIT is the leading foreign housing developer in Russia and a major construction company in all Baltic countries. YIT's shares are listed on NASDAQ OMX Helsinki. For additional information, please contact: www.yit.fi
13. Dec 2010 at 0:00