YIT International Construction Services finalized the acquisition of REDING a.s., a Slovak construction company in October 2010. 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. The company was established in 1997 and it has 150 employees.
Reding’s net sales during previous years amounts to approximately EUR 30 million. The company operates as a general contractor, as well as a developer of residential and commercial projects under the name YIT Reding a.s.
Mr. Veršovský will remain quite active in the company. In particular, he will continue to serve as Chairman of the Board. He is also a shareholder with a 30 percentage holding. The company has a good market position in Bratislava and its neighbouring areas.
“We want to be a reliable partner for our customers and continue to offer high quality services also in the future. By combining the knowledge of local personnel with international experience of YIT we can develop our services and increase our competitiveness. The financial strength of YIT improves the possibility to grow faster in residential and commercial development business,” said Ladislav Veršovský, Chairman of the Board of YIT Reding.
The company started to realize its new project, a complex of two modern administrative and commercial buildings with a parking house named REDING TOWER II in March 2011.
YIT is a leading European service company with respect to 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 2010, YIT's turnover was EUR 3.7 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 more information visit www.yit.sk.
13. Jun 2011 at 9:00